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How Do You File State Income Taxes

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How Do You File State Income Taxes

How do you file state income taxes 15. How do you file state income taxes   Selling Your Home Table of Contents Reminder Introduction Useful Items - You may want to see: Main Home Figuring Gain or LossSelling Price Amount Realized Adjusted Basis Amount of Gain or Loss Dispositions Other Than Sales Determining Basis Excluding the GainMaximum Exclusion Ownership and Use Tests Reduced Maximum Exclusion Business Use or Rental of Home Reporting the SaleSeller-financed mortgage. How do you file state income taxes More information. How do you file state income taxes Special SituationsException for sales to related persons. How do you file state income taxes Recapturing (Paying Back) a Federal Mortgage Subsidy Reminder Home sold with undeducted points. How do you file state income taxes  If you have not deducted all the points you paid to secure a mortgage on your old home, you may be able to deduct the remaining points in the year of the sale. How do you file state income taxes See Mortgage ending early under Points in chapter 23. How do you file state income taxes Introduction This chapter explains the tax rules that apply when you sell your main home. How do you file state income taxes In most cases, your main home is the one in which you live most of the time. How do you file state income taxes If you sold your main home in 2013, you may be able to exclude from income any gain up to a limit of $250,000 ($500,000 on a joint return in most cases). How do you file state income taxes See Excluding the Gain , later. How do you file state income taxes Generally, if you can exclude all the gain, you do not need to report the sale on your tax return. How do you file state income taxes If you have gain that cannot be excluded, it is taxable. How do you file state income taxes Report it on Form 8949, Sales and Other Dispositions of Capital Assets, and Schedule D (Form 1040). How do you file state income taxes You may also have to complete Form 4797, Sales of Business Property. How do you file state income taxes See Reporting the Sale , later. How do you file state income taxes If you have a loss on the sale, you generally cannot deduct it on your return. How do you file state income taxes However, you may need to report it. How do you file state income taxes See Reporting the Sale , later. How do you file state income taxes The following are main topics in this chapter. How do you file state income taxes Figuring gain or loss. How do you file state income taxes Basis. How do you file state income taxes Excluding the gain. How do you file state income taxes Ownership and use tests. How do you file state income taxes Reporting the sale. How do you file state income taxes Other topics include the following. How do you file state income taxes Business use or rental of home. How do you file state income taxes Recapturing a federal mortgage subsidy. How do you file state income taxes Useful Items - You may want to see: Publication 523 Selling Your Home 530 Tax Information for Homeowners 547 Casualties, Disasters, and Thefts Form (and Instructions) Schedule D (Form 1040) Capital Gains and Losses 982 Reduction of Tax Attributes Due to Discharge of Indebtedness 8828 Recapture of Federal Mortgage Subsidy 8949 Sales and Other Dispositions of Capital Assets Main Home This section explains the term “main home. How do you file state income taxes ” Usually, the home you live in most of the time is your main home and can be a: House, Houseboat, Mobile home, Cooperative apartment, or Condominium. How do you file state income taxes To exclude gain under the rules of this chapter, you in most cases must have owned and lived in the property as your main home for at least 2 years during the 5-year period ending on the date of sale. How do you file state income taxes Land. How do you file state income taxes   If you sell the land on which your main home is located, but not the house itself, you cannot exclude any gain you have from the sale of the land. How do you file state income taxes However, if you sell vacant land used as part of your main home and that is adjacent to it, you may be able to exclude the gain from the sale under certain circumstances. How do you file state income taxes See Vacant land under Main Home in Publication 523 for more information. How do you file state income taxes Example. How do you file state income taxes You buy a piece of land and move your main home to it. How do you file state income taxes Then you sell the land on which your main home was located. How do you file state income taxes This sale is not considered a sale of your main home, and you cannot exclude any gain on the sale of the land. How do you file state income taxes More than one home. How do you file state income taxes   If you have more than one home, you can exclude gain only from the sale of your main home. How do you file state income taxes You must include in income gain from the sale of any other home. How do you file state income taxes If you have two homes and live in both of them, your main home is ordinarily the one you live in most of the time during the year. How do you file state income taxes Example 1. How do you file state income taxes You own two homes, one in New York and one in Florida. How do you file state income taxes From 2009 through 2013, you live in the New York home for 7 months and in the Florida residence for 5 months of each year. How do you file state income taxes In the absence of facts and circumstances indicating otherwise, the New York home is your main home. How do you file state income taxes You would be eligible to exclude the gain from the sale of the New York home but not of the Florida home in 2013. How do you file state income taxes Example 2. How do you file state income taxes You own a house, but you live in another house that you rent. How do you file state income taxes The rented house is your main home. How do you file state income taxes Example 3. How do you file state income taxes You own two homes, one in Virginia and one in New Hampshire. How do you file state income taxes In 2009 and 2010, you lived in the Virginia home. How do you file state income taxes In 2011 and 2012, you lived in the New Hampshire home. How do you file state income taxes In 2013, you lived again in the Virginia home. How do you file state income taxes Your main home in 2009, 2010, and 2013 is the Virginia home. How do you file state income taxes Your main home in 2011 and 2012 is the New Hampshire home. How do you file state income taxes You would be eligible to exclude gain from the sale of either home (but not both) in 2013. How do you file state income taxes Property used partly as your main home. How do you file state income taxes   If you use only part of the property as your main home, the rules discussed in this publication apply only to the gain or loss on the sale of that part of the property. How do you file state income taxes For details, see Business Use or Rental of Home , later. How do you file state income taxes Figuring Gain or Loss To figure the gain or loss on the sale of your main home, you must know the selling price, the amount realized, and the adjusted basis. How do you file state income taxes Subtract the adjusted basis from the amount realized to get your gain or loss. How do you file state income taxes     Selling price     − Selling expenses       Amount realized       Amount realized     − Adjusted basis       Gain or loss   Selling Price The selling price is the total amount you receive for your home. How do you file state income taxes It includes money and the fair market value of any other property or any other services you receive and all notes, mortgages or other debts assumed by the buyer as part of the sale. How do you file state income taxes Payment by employer. How do you file state income taxes   You may have to sell your home because of a job transfer. How do you file state income taxes If your employer pays you for a loss on the sale or for your selling expenses, do not include the payment as part of the selling price. How do you file state income taxes Your employer will include it as wages in box 1 of your Form W-2, and you will include it in your income on Form 1040, line 7. How do you file state income taxes Option to buy. How do you file state income taxes   If you grant an option to buy your home and the option is exercised, add the amount you receive for the option to the selling price of your home. How do you file state income taxes If the option is not exercised, you must report the amount as ordinary income in the year the option expires. How do you file state income taxes Report this amount on Form 1040, line 21. How do you file state income taxes Form 1099-S. How do you file state income taxes   If you received Form 1099-S, Proceeds From Real Estate Transactions, box 2 (Gross proceeds) should show the total amount you received for your home. How do you file state income taxes   However, box 2 will not include the fair market value of any services or property other than cash or notes you received or will receive. How do you file state income taxes Instead, box 4 will be checked to indicate your receipt or expected receipt of these items. How do you file state income taxes Amount Realized The amount realized is the selling price minus selling expenses. How do you file state income taxes Selling expenses. How do you file state income taxes   Selling expenses include: Commissions, Advertising fees, Legal fees, and Loan charges paid by the seller, such as loan placement fees or “points. How do you file state income taxes ” Adjusted Basis While you owned your home, you may have made adjustments (increases or decreases) to the basis. How do you file state income taxes This adjusted basis must be determined before you can figure gain or loss on the sale of your home. How do you file state income taxes For information on how to figure your home's adjusted basis, see Determining Basis , later. How do you file state income taxes Amount of Gain or Loss To figure the amount of gain or loss, compare the amount realized to the adjusted basis. How do you file state income taxes Gain on sale. How do you file state income taxes   If the amount realized is more than the adjusted basis, the difference is a gain and, except for any part you can exclude, in most cases is taxable. How do you file state income taxes Loss on sale. How do you file state income taxes   If the amount realized is less than the adjusted basis, the difference is a loss. How do you file state income taxes A loss on the sale of your main home cannot be deducted. How do you file state income taxes Jointly owned home. How do you file state income taxes   If you and your spouse sell your jointly owned home and file a joint return, you figure your gain or loss as one taxpayer. How do you file state income taxes Separate returns. How do you file state income taxes   If you file separate returns, each of you must figure your own gain or loss according to your ownership interest in the home. How do you file state income taxes Your ownership interest is generally determined by state law. How do you file state income taxes Joint owners not married. How do you file state income taxes   If you and a joint owner other than your spouse sell your jointly owned home, each of you must figure your own gain or loss according to your ownership interest in the home. How do you file state income taxes Each of you applies the rules discussed in this chapter on an individual basis. How do you file state income taxes Dispositions Other Than Sales Some special rules apply to other dispositions of your main home. How do you file state income taxes Foreclosure or repossession. How do you file state income taxes   If your home was foreclosed on or repossessed, you have a disposition. How do you file state income taxes See Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments, to determine if you have ordinary income, gain, or loss. How do you file state income taxes Abandonment. How do you file state income taxes   If you abandon your home, see Publication 4681 to determine if you have ordinary income, gain, or loss. How do you file state income taxes Trading (exchanging) homes. How do you file state income taxes   If you trade your old home for another home, treat the trade as a sale and a purchase. How do you file state income taxes Example. How do you file state income taxes You owned and lived in a home with an adjusted basis of $41,000. How do you file state income taxes A real estate dealer accepted your old home as a trade-in and allowed you $50,000 toward a new home priced at $80,000. How do you file state income taxes This is treated as a sale of your old home for $50,000 with a gain of $9,000 ($50,000 – $41,000). How do you file state income taxes If the dealer had allowed you $27,000 and assumed your unpaid mortgage of $23,000 on your old home, your sales price would still be $50,000 (the $27,000 trade-in allowed plus the $23,000 mortgage assumed). How do you file state income taxes Transfer to spouse. How do you file state income taxes   If you transfer your home to your spouse or you transfer it to your former spouse incident to your divorce, you in most cases have no gain or loss. How do you file state income taxes This is true even if you receive cash or other consideration for the home. How do you file state income taxes As a result, the rules in this chapter do not apply. How do you file state income taxes More information. How do you file state income taxes   If you need more information, see Transfer to spouse in Publication 523 and Property Settlements in Publication 504, Divorced or Separated Individuals. How do you file state income taxes Involuntary conversion. How do you file state income taxes   You have a disposition when your home is destroyed or condemned and you receive other property or money in payment, such as insurance or a condemnation award. How do you file state income taxes This is treated as a sale and you may be able to exclude all or part of any gain from the destruction or condemnation of your home, as explained later under Special Situations . How do you file state income taxes Determining Basis You need to know your basis in your home to figure any gain or loss when you sell it. How do you file state income taxes Your basis in your home is determined by how you got the home. How do you file state income taxes Generally, your basis is its cost if you bought it or built it. How do you file state income taxes If you got it in some other way (inheritance, gift, etc. How do you file state income taxes ), your basis is generally either its fair market value when you received it or the adjusted basis of the previous owner. How do you file state income taxes While you owned your home, you may have made adjustments (increases or decreases) to your home's basis. How do you file state income taxes The result of these adjustments is your home's adjusted basis, which is used to figure gain or loss on the sale of your home. How do you file state income taxes See Adjusted Basis , later. How do you file state income taxes You can find more information on basis and adjusted basis in chapter 13 of this publication and in Publication 523. How do you file state income taxes Cost As Basis The cost of property is the amount you paid for it in cash, debt obligations, other property, or services. How do you file state income taxes Purchase. How do you file state income taxes   If you bought your home, your basis is its cost to you. How do you file state income taxes This includes the purchase price and certain settlement or closing costs. How do you file state income taxes In most cases, your purchase price includes your down payment and any debt, such as a first or second mortgage or notes you gave the seller in payment for the home. How do you file state income taxes If you build, or contract to build, a new home, your purchase price can include costs of construction, as discussed in Publication 523. How do you file state income taxes Settlement fees or closing costs. How do you file state income taxes   When you bought your home, you may have paid settlement fees or closing costs in addition to the contract price of the property. How do you file state income taxes You can include in your basis some of the settlement fees and closing costs you paid for buying the home, but not the fees and costs for getting a mortgage loan. How do you file state income taxes A fee paid for buying the home is any fee you would have had to pay even if you paid cash for the home (that is, without the need for financing). How do you file state income taxes    Chapter 13 lists some of the settlement fees and closing costs that you can include in the basis of property, including your home. How do you file state income taxes It also lists some settlement costs that cannot be included in basis. How do you file state income taxes   Also see Publication 523 for additional items and a discussion of basis other than cost. How do you file state income taxes Adjusted Basis Adjusted basis is your cost or other basis increased or decreased by certain amounts. How do you file state income taxes To figure your adjusted basis, you can use Worksheet 1 in Publication 523. How do you file state income taxes Do not use Worksheet 1 if you acquired an interest in your home from a decedent who died in 2010 and whose executor filed Form 8939, Allocation of Increase in Basis for Property Acquired From a Decedent. How do you file state income taxes Increases to basis. How do you file state income taxes   These include the following. How do you file state income taxes Additions and other improvements that have a useful life of more than 1 year. How do you file state income taxes Special assessments for local improvements. How do you file state income taxes Amounts you spent after a casualty to restore damaged property. How do you file state income taxes Improvements. How do you file state income taxes   These add to the value of your home, prolong its useful life, or adapt it to new uses. How do you file state income taxes You add the cost of additions and other improvements to the basis of your property. How do you file state income taxes   For example, putting a recreation room or another bathroom in your unfinished basement, putting up a new fence, putting in new plumbing or wiring, putting on a new roof, or paving your unpaved driveway are improvements. How do you file state income taxes An addition to your house, such as a new deck, a sunroom, or a new garage, is also an improvement. How do you file state income taxes Repairs. How do you file state income taxes   These maintain your home in good condition but do not add to its value or prolong its life. How do you file state income taxes You do not add their cost to the basis of your property. How do you file state income taxes   Examples of repairs include repainting your house inside or outside, fixing your gutters or floors, repairing leaks or plastering, and replacing broken window panes. How do you file state income taxes Decreases to basis. How do you file state income taxes   These include the following. How do you file state income taxes Discharge of qualified principal residence indebtedness that was excluded from income. How do you file state income taxes Some or all of the cancellation of debt income that was excluded due to your bankruptcy or insolvency. How do you file state income taxes For details, see Publication 4681. How do you file state income taxes Gain you postponed from the sale of a previous home before May 7, 1997. How do you file state income taxes Deductible casualty losses. How do you file state income taxes Insurance payments you received or expect to receive for casualty losses. How do you file state income taxes Payments you received for granting an easement or right-of-way. How do you file state income taxes Depreciation allowed or allowable if you used your home for business or rental purposes. How do you file state income taxes Energy-related credits allowed for expenditures made on the residence. How do you file state income taxes (Reduce the increase in basis otherwise allowable for expenditures on the residence by the amount of credit allowed for those expenditures. How do you file state income taxes ) Adoption credit you claimed for improvements added to the basis of your home. How do you file state income taxes Nontaxable payments from an adoption assistance program of your employer you used for improvements you added to the basis of your home. How do you file state income taxes Energy conservation subsidy excluded from your gross income because you received it (directly or indirectly) from a public utility after 1992 to buy or install any energy conservation measure. How do you file state income taxes An energy conservation measure is an installation or modification primarily designed either to reduce consumption of electricity or natural gas or to improve the management of energy demand for a home. How do you file state income taxes District of Columbia first-time homebuyer credit (allowed on the purchase of a principal residence in the District of Columbia beginning on August 5, 1997 and before January 1, 2012). How do you file state income taxes General sales taxes (allowed beginning 2004 and ending before 2014) claimed as an itemized deduction on Schedule A (Form 1040) that were imposed on the purchase of personal property, such as a houseboat used as your home or a mobile home. How do you file state income taxes Discharges of qualified principal residence indebtedness. How do you file state income taxes   You may be able to exclude from gross income a discharge of qualified principal residence indebtedness. How do you file state income taxes This exclusion applies to discharges made after 2006 and before 2014. How do you file state income taxes If you choose to exclude this income, you must reduce (but not below zero) the basis of the principal residence by the amount excluded from your gross income. How do you file state income taxes   File Form 982 with your tax return. How do you file state income taxes See the form's instructions for detailed information. How do you file state income taxes Recordkeeping. How do you file state income taxes You should keep records to prove your home's adjusted basis. How do you file state income taxes Ordinarily, you must keep records for 3 years after the due date for filing your return for the tax year in which you sold your home. How do you file state income taxes But if you sold a home before May 7, 1997, and postponed tax on any gain, the basis of that home affects the basis of the new home you bought. How do you file state income taxes Keep records proving the basis of both homes as long as they are needed for tax purposes. How do you file state income taxes The records you should keep include: Proof of the home's purchase price and purchase expenses, Receipts and other records for all improvements, additions, and other items that affect the home's adjusted basis, Any worksheets or other computations you used to figure the adjusted basis of the home you sold, the gain or loss on the sale, the exclusion, and the taxable gain, Any Form 982 you filed to report any discharge of qualified principal residence indebtedness, Any Form 2119, Sale of Your Home, you filed to postpone gain from the sale of a previous home before May 7, 1997, and Any worksheets you used to prepare Form 2119, such as the Adjusted Basis of Home Sold Worksheet or the Capital Improvements Worksheet from the Form 2119 instructions, or other source of computations. How do you file state income taxes Excluding the Gain You may qualify to exclude from your income all or part of any gain from the sale of your main home. How do you file state income taxes This means that, if you qualify, you will not have to pay tax on the gain up to the limit described under Maximum Exclusion , next. How do you file state income taxes To qualify, you must meet the ownership and use tests described later. How do you file state income taxes You can choose not to take the exclusion by including the gain from the sale in your gross income on your tax return for the year of the sale. How do you file state income taxes You can use Worksheet 2 in Publication 523 to figure the amount of your exclusion and your taxable gain, if any. How do you file state income taxes If you have any taxable gain from the sale of your home, you may have to increase your withholding or make estimated tax payments. How do you file state income taxes See Publication 505, Tax Withholding and Estimated Tax. How do you file state income taxes Maximum Exclusion You can exclude up to $250,000 of the gain (other than gain allocated to periods of nonqualified use) on the sale of your main home if all of the following are true. How do you file state income taxes You meet the ownership test. How do you file state income taxes You meet the use test. How do you file state income taxes During the 2-year period ending on the date of the sale, you did not exclude gain from the sale of another home. How do you file state income taxes For details on gain allocated to periods of nonqualified use, see Periods of nonqualified use , later. How do you file state income taxes You may be able to exclude up to $500,000 of the gain (other than gain allocated to periods of nonqualified use) on the sale of your main home if you are married and file a joint return and meet the requirements listed in the discussion of the special rules for joint returns, later, under Married Persons . How do you file state income taxes Ownership and Use Tests To claim the exclusion, you must meet the ownership and use tests. How do you file state income taxes This means that during the 5-year period ending on the date of the sale, you must have: Owned the home for at least 2 years (the ownership test), and Lived in the home as your main home for at least 2 years (the use test). How do you file state income taxes Exception. How do you file state income taxes   If you owned and lived in the property as your main home for less than 2 years, you can still claim an exclusion in some cases. How do you file state income taxes However, the maximum amount you may be able to exclude will be reduced. How do you file state income taxes See Reduced Maximum Exclusion , later. How do you file state income taxes Example 1—home owned and occupied for at least 2 years. How do you file state income taxes Mya bought and moved into her main home in September 2011. How do you file state income taxes She sold the home at a gain in October 2013. How do you file state income taxes During the 5-year period ending on the date of sale in October 2013, she owned and lived in the home for more than 2 years. How do you file state income taxes She meets the ownership and use tests. How do you file state income taxes Example 2—ownership test met but use test not met. How do you file state income taxes Ayden bought a home, lived in it for 6 months, moved out, and never occupied the home again. How do you file state income taxes He later sold the home for a gain. How do you file state income taxes He owned the home during the entire 5-year period ending on the date of sale. How do you file state income taxes He meets the ownership test but not the use test. How do you file state income taxes He cannot exclude any part of his gain on the sale unless he qualified for a reduced maximum exclusion (explained later). How do you file state income taxes Period of Ownership and Use The required 2 years of ownership and use during the 5-year period ending on the date of the sale do not have to be continuous nor do they both have to occur at the same time. How do you file state income taxes You meet the tests if you can show that you owned and lived in the property as your main home for either 24 full months or 730 days (365 × 2) during the 5-year period ending on the date of sale. How do you file state income taxes Temporary absence. How do you file state income taxes   Short temporary absences for vacations or other seasonal absences, even if you rent out the property during the absences, are counted as periods of use. How do you file state income taxes The following examples assume that the reduced maximum exclusion (discussed later) does not apply to the sales. How do you file state income taxes Example 1. How do you file state income taxes David Johnson, who is single, bought and moved into his home on February 1, 2011. How do you file state income taxes Each year during 2011 and 2012, David left his home for a 2-month summer vacation. How do you file state income taxes David sold the house on March 1, 2013. How do you file state income taxes Although the total time David used his home is less than 2 years (21 months), he meets the requirement and may exclude gain. How do you file state income taxes The 2-month vacations are short temporary absences and are counted as periods of use in determining whether David used the home for the required 2 years. How do you file state income taxes Example 2. How do you file state income taxes Professor Paul Beard, who is single, bought and moved into a house on August 18, 2010. How do you file state income taxes He lived in it as his main home continuously until January 5, 2012, when he went abroad for a 1-year sabbatical leave. How do you file state income taxes On February 6, 2013, 1 month after returning from the leave, Paul sold the house at a gain. How do you file state income taxes Because his leave was not a short temporary absence, he cannot include the period of leave to meet the 2-year use test. How do you file state income taxes He cannot exclude any part of his gain, because he did not use the residence for the required 2 years. How do you file state income taxes Ownership and use tests met at different times. How do you file state income taxes   You can meet the ownership and use tests during different 2-year periods. How do you file state income taxes However, you must meet both tests during the 5-year period ending on the date of the sale. How do you file state income taxes Example. How do you file state income taxes Beginning in 2002, Helen Jones lived in a rented apartment. How do you file state income taxes The apartment building was later converted to condominiums, and she bought her same apartment on December 3, 2010. How do you file state income taxes In 2011, Helen became ill and on April 14 of that year she moved to her daughter's home. How do you file state income taxes On July 12, 2013, while still living in her daughter's home, she sold her condominium. How do you file state income taxes Helen can exclude gain on the sale of her condominium because she met the ownership and use tests during the 5-year period from July 13, 2008, to July 12, 2013, the date she sold the condominium. How do you file state income taxes She owned her condominium from December 3, 2010, to July 12, 2013 (more than 2 years). How do you file state income taxes She lived in the property from July 13, 2008 (the beginning of the 5-year period), to April 14, 2011 (more than 2 years). How do you file state income taxes The time Helen lived in her daughter's home during the 5-year period can be counted toward her period of ownership, and the time she lived in her rented apartment during the 5-year period can be counted toward her period of use. How do you file state income taxes Cooperative apartment. How do you file state income taxes   If you sold stock as a tenant-stockholder in a cooperative housing corporation, the ownership and use tests are met if, during the 5-year period ending on the date of sale, you: Owned the stock for at least 2 years, and Lived in the house or apartment that the stock entitles you to occupy as your main home for at least 2 years. How do you file state income taxes Exceptions to Ownership and Use Tests The following sections contain exceptions to the ownership and use tests for certain taxpayers. How do you file state income taxes Exception for individuals with a disability. How do you file state income taxes   There is an exception to the use test if: You become physically or mentally unable to care for yourself, and You owned and lived in your home as your main home for a total of at least 1 year during the 5-year period before the sale of your home. How do you file state income taxes Under this exception, you are considered to live in your home during any time within the 5-year period that you own the home and live in a facility (including a nursing home) licensed by a state or political subdivision to care for persons in your condition. How do you file state income taxes If you meet this exception to the use test, you still have to meet the 2-out-of-5-year ownership test to claim the exclusion. How do you file state income taxes Previous home destroyed or condemned. How do you file state income taxes   For the ownership and use tests, you add the time you owned and lived in a previous home that was destroyed or condemned to the time you owned and lived in the replacement home on whose sale you wish to exclude gain. How do you file state income taxes This rule applies if any part of the basis of the home you sold depended on the basis of the destroyed or condemned home. How do you file state income taxes Otherwise, you must have owned and lived in the same home for 2 of the 5 years before the sale to qualify for the exclusion. How do you file state income taxes Members of the uniformed services or Foreign Service, employees of the intelligence community, or employees or volunteers of the Peace Corps. How do you file state income taxes   You can choose to have the 5-year test period for ownership and use suspended during any period you or your spouse serve on “qualified official extended duty” as a member of the uniformed services or Foreign Service of the United States, or as an employee of the intelligence community. How do you file state income taxes You can choose to have the 5-year test period for ownership and use suspended during any period you or your spouse serve outside the United States either as an employee of the Peace Corps on "qualified official extended duty" or as an enrolled volunteer or volunteer leader of the Peace Corps. How do you file state income taxes This means that you may be able to meet the 2-year use test even if, because of your service, you did not actually live in your home for at least the required 2 years during the 5-year period ending on the date of sale. How do you file state income taxes   If this helps you qualify to exclude gain, you can choose to have the 5-year test period suspended by filing a return for the year of sale that does not include the gain. How do you file state income taxes For more information about the suspension of the 5-year test period, see Members of the uniformed services or Foreign Service, employees of the intelligence community, or employees or volunteers of the Peace Corps in Publication 523. How do you file state income taxes Married Persons If you and your spouse file a joint return for the year of sale and one spouse meets the ownership and use tests, you can exclude up to $250,000 of the gain. How do you file state income taxes (But see Special rules for joint returns , next. How do you file state income taxes ) Special rules for joint returns. How do you file state income taxes   You can exclude up to $500,000 of the gain on the sale of your main home if all of the following are true. How do you file state income taxes You are married and file a joint return for the year. How do you file state income taxes Either you or your spouse meets the ownership test. How do you file state income taxes Both you and your spouse meet the use test. How do you file state income taxes During the 2-year period ending on the date of the sale, neither you nor your spouse excluded gain from the sale of another home. How do you file state income taxes If either spouse does not satisfy all these requirements, the maximum exclusion that can be claimed by the couple is the total of the maximum exclusions that each spouse would qualify for if not married and the amounts were figured separately. How do you file state income taxes For this purpose, each spouse is treated as owning the property during the period that either spouse owned the property. How do you file state income taxes Example 1—one spouse sells a home. How do you file state income taxes Emily sells her home in June 2013 for a gain of $300,000. How do you file state income taxes She marries Jamie later in the year. How do you file state income taxes She meets the ownership and use tests, but Jamie does not. How do you file state income taxes Emily can exclude up to $250,000 of gain on a separate or joint return for 2013. How do you file state income taxes The $500,000 maximum exclusion for certain joint returns does not apply because Jamie does not meet the use test. How do you file state income taxes Example 2—each spouse sells a home. How do you file state income taxes The facts are the same as in Example 1 except that Jamie also sells a home in 2013 for a gain of $200,000 before he marries Emily. How do you file state income taxes He meets the ownership and use tests on his home, but Emily does not. How do you file state income taxes Emily can exclude $250,000 of gain and Jamie can exclude $200,000 of gain on the respective sales of their individual homes. How do you file state income taxes However, Emily cannot use Jamie's unused exclusion to exclude more than $250,000 of gain. How do you file state income taxes Therefore, Emily and Jamie must recognize $50,000 of gain on the sale of Emily's home. How do you file state income taxes The $500,000 maximum exclusion for certain joint returns does not apply because Emily and Jamie do not both meet the use test for the same home. How do you file state income taxes Sale of main home by surviving spouse. How do you file state income taxes   If your spouse died and you did not remarry before the date of sale, you are considered to have owned and lived in the property as your main home during any period of time when your spouse owned and lived in it as a main home. How do you file state income taxes   If you meet all of the following requirements, you may qualify to exclude up to $500,000 of any gain from the sale or exchange of your main home. How do you file state income taxes The sale or exchange took place after 2008. How do you file state income taxes The sale or exchange took place no more than 2 years after the date of death of your spouse. How do you file state income taxes You have not remarried. How do you file state income taxes You and your spouse met the use test at the time of your spouse's death. How do you file state income taxes You or your spouse met the ownership test at the time of your spouse's death. How do you file state income taxes Neither you nor your spouse excluded gain from the sale of another home during the last 2 years. How do you file state income taxes Example. How do you file state income taxes   Harry owned and used a house as his main home since 2009. How do you file state income taxes Harry and Wilma married on July 1, 2013, and from that date they use Harry's house as their main home. How do you file state income taxes Harry died on August 15, 2013, and Wilma inherited the property. How do you file state income taxes Wilma sold the property on September 3, 2013, at which time she had not remarried. How do you file state income taxes Although Wilma owned and used the house for less than 2 years, Wilma is considered to have satisfied the ownership and use tests because her period of ownership and use includes the period that Harry owned and used the property before death. How do you file state income taxes Home transferred from spouse. How do you file state income taxes   If your home was transferred to you by your spouse (or former spouse if the transfer was incident to divorce), you are considered to have owned it during any period of time when your spouse owned it. How do you file state income taxes Use of home after divorce. How do you file state income taxes   You are considered to have used property as your main home during any period when: You owned it, and Your spouse or former spouse is allowed to live in it under a divorce or separation instrument and uses it as his or her main home. How do you file state income taxes Reduced Maximum Exclusion If you fail to meet the requirements to qualify for the $250,000 or $500,000 exclusion, you may still qualify for a reduced exclusion. How do you file state income taxes This applies to those who: Fail to meet the ownership and use tests, or Have used the exclusion within 2 years of selling their current home. How do you file state income taxes In both cases, to qualify for a reduced exclusion, the sale of your main home must be due to one of the following reasons. How do you file state income taxes A change in place of employment. How do you file state income taxes Health. How do you file state income taxes Unforeseen circumstances. How do you file state income taxes Unforeseen circumstances. How do you file state income taxes   The sale of your main home is because of an unforeseen circumstance if your primary reason for the sale is the occurrence of an event that you could not reasonably have anticipated before buying and occupying your main home. How do you file state income taxes   See Publication 523 for more information and to use Worksheet 3 to figure your reduced maximum exclusion. How do you file state income taxes Business Use or Rental of Home You may be able to exclude gain from the sale of a home you have used for business or to produce rental income. How do you file state income taxes But you must meet the ownership and use tests. How do you file state income taxes Periods of nonqualified use. How do you file state income taxes   In most cases, gain from the sale or exchange of your main home will not qualify for the exclusion to the extent that the gains are allocated to periods of nonqualified use. How do you file state income taxes Nonqualified use is any period after 2008 during which neither you nor your spouse (or your former spouse) used the property as a main home with the following exceptions. How do you file state income taxes Exceptions. How do you file state income taxes   A period of nonqualified use does not include: Any portion of the 5-year period ending on the date of the sale or exchange after the last date you (or your spouse) use the property as a main home; Any period (not to exceed an aggregate period of 10 years) during which you (or your spouse) are serving on qualified official extended duty: As a member of the uniformed services; As a member of the Foreign Service of the United States; or As an employee of the intelligence community; and Any other period of temporary absence (not to exceed an aggregate period of 2 years) due to change of employment, health conditions, or such other unforeseen circumstances as may be specified by the IRS. How do you file state income taxes The gain resulting from the sale of the property is allocated between qualified and nonqualified use periods based on the amount of time the property was held for qualified and nonqualified use. How do you file state income taxes Gain from the sale or exchange of a main home allocable to periods of qualified use will continue to qualify for the exclusion for the sale of your main home. How do you file state income taxes Gain from the sale or exchange of property allocable to nonqualified use will not qualify for the exclusion. How do you file state income taxes Calculation. How do you file state income taxes   To figure the portion of the gain allocated to the period of nonqualified use, multiply the gain by the following fraction:   Total nonqualified use during the period of ownership after 2008      Total period of ownership     This calculation can be found in Worksheet 2, line 10, in Publication 523. How do you file state income taxes Example 1. How do you file state income taxes On May 23, 2007, Amy, who is unmarried for all years in this example, bought a house. How do you file state income taxes She moved in on that date and lived in it until May 31, 2009, when she moved out of the house and put it up for rent. How do you file state income taxes The house was rented from June 1, 2009, to March 31, 2011. How do you file state income taxes Amy claimed depreciation deductions in 2009 through 2011 totaling $10,000. How do you file state income taxes Amy moved back into the house on April 1, 2011, and lived there until she sold it on January 31, 2013, for a gain of $200,000. How do you file state income taxes During the 5-year period ending on the date of the sale (January 31, 2008-January 31, 2013), Amy owned and lived in the house for more than 2 years as shown in the following table. How do you file state income taxes Five Year Period Used as  Home Used as  Rental 1/31/08 – 5/31/09 16 months       6/1/09 – 3/31/11   22 months 4/1/11 – 1/31/13 22 months         38 months 22 months During the period Amy owned the house (2,080 days), her period of nonqualified use was 668 days. How do you file state income taxes Amy divides 668 by 2,080 and obtains a decimal (rounded to at least three decimal places) of 0. How do you file state income taxes 321. How do you file state income taxes To figure her gain attributable to the period of nonqualified use, she multiplies $190,000 (the gain not attributable to the $10,000 depreciation deduction) by 0. How do you file state income taxes 321. How do you file state income taxes Because the gain attributable to periods of nonqualified use is $60,990, Amy can exclude $129,010 of her gain. How do you file state income taxes Example 2. How do you file state income taxes William owned and used a house as his main home from 2007 through 2010. How do you file state income taxes On January 1, 2011, he moved to another state. How do you file state income taxes He rented his house from that date until April 30, 2013, when he sold it. How do you file state income taxes During the 5-year period ending on the date of sale (May 1, 2008-April 30, 2013), William owned and lived in the house for more than 2 years. How do you file state income taxes He must report the sale on Form 4797 because it was rental property at the time of sale. How do you file state income taxes Because the period of nonqualified use does not include any part of the 5-year period after the last date William lived in the house, he has no period of nonqualified use. How do you file state income taxes Because he met the ownership and use tests, he can exclude gain up to $250,000. How do you file state income taxes However, he cannot exclude the part of the gain equal to the depreciation he claimed or could have claimed for renting the house, as explained next. How do you file state income taxes Depreciation after May 6, 1997. How do you file state income taxes   If you were entitled to take depreciation deductions because you used your home for business purposes or as rental property, you cannot exclude the part of your gain equal to any depreciation allowed or allowable as a deduction for periods after May 6, 1997. How do you file state income taxes If you can show by adequate records or other evidence that the depreciation allowed was less than the amount allowable, then you may limit the amount of gain recognized to the depreciation allowed. How do you file state income taxes See Publication 544 for more information. How do you file state income taxes Property used partly for business or rental. How do you file state income taxes   If you used property partly as a home and partly for business or to produce rental income, see Publication 523. How do you file state income taxes Reporting the Sale Do not report the 2013 sale of your main home on your tax return unless: You have a gain and do not qualify to exclude all of it, You have a gain and choose not to exclude it, or You received Form 1099-S. How do you file state income taxes If any of these conditions apply, report the entire gain or loss. How do you file state income taxes For details on how to report the gain or loss, see the Instructions for Schedule D (Form 1040) and the Instructions for Form 8949. How do you file state income taxes If you used the home for business or to produce rental income, you may have to use Form 4797 to report the sale of the business or rental part (or the sale of the entire property if used entirely for business or rental). How do you file state income taxes See Business Use or Rental of Home in Publication 523 and the Instructions for Form 4797. How do you file state income taxes Installment sale. How do you file state income taxes    Some sales are made under arrangements that provide for part or all of the selling price to be paid in a later year. How do you file state income taxes These sales are called “installment sales. How do you file state income taxes ” If you finance the buyer's purchase of your home yourself instead of having the buyer get a loan or mortgage from a bank, you probably have an installment sale. How do you file state income taxes You may be able to report the part of the gain you cannot exclude on the installment basis. How do you file state income taxes    Use Form 6252, Installment Sale Income, to report the sale. How do you file state income taxes Enter your exclusion on line 15 of Form 6252. How do you file state income taxes Seller-financed mortgage. How do you file state income taxes   If you sell your home and hold a note, mortgage, or other financial agreement, the payments you receive in most cases consist of both interest and principal. How do you file state income taxes You must separately report as interest income the interest you receive as part of each payment. How do you file state income taxes If the buyer of your home uses the property as a main or second home, you must also report the name, address, and social security number (SSN) of the buyer on line 1 of Schedule B (Form 1040A or 1040). How do you file state income taxes The buyer must give you his or her SSN, and you must give the buyer your SSN. How do you file state income taxes Failure to meet these requirements may result in a $50 penalty for each failure. How do you file state income taxes If either you or the buyer does not have and is not eligible to get an SSN, see Social Security Number in chapter 1. How do you file state income taxes More information. How do you file state income taxes   For more information on installment sales, see Publication 537, Installment Sales. How do you file state income taxes Special Situations The situations that follow may affect your exclusion. How do you file state income taxes Sale of home acquired in a like-kind exchange. How do you file state income taxes   You cannot claim the exclusion if: You acquired your home in a like-kind exchange (also known as a section 1031 exchange), or your basis in your home is determined by reference to the basis of the home in the hands of the person who acquired the property in a like-kind exchange (for example, you received the home from that person as a gift), and You sold the home during the 5-year period beginning with the date your home was acquired in the like-kind exchange. How do you file state income taxes Gain from a like-kind exchange is not taxable at the time of the exchange. How do you file state income taxes This means that gain will not be taxed until you sell or otherwise dispose of the property you receive. How do you file state income taxes To defer gain from a like-kind exchange, you must have exchanged business or investment property for business or investment property of a like kind. How do you file state income taxes For more information about like-kind exchanges, see Publication 544, Sales and Other Dispositions of Assets. How do you file state income taxes Home relinquished in a like-kind exchange. How do you file state income taxes   If you use your main home partly for business or rental purposes and then exchange the home for another property, see Publication 523. How do you file state income taxes Expatriates. How do you file state income taxes   You cannot claim the exclusion if the expatriation tax applies to you. How do you file state income taxes The expatriation tax applies to certain U. How do you file state income taxes S. How do you file state income taxes citizens who have renounced their citizenship (and to certain long-term residents who have ended their residency). How do you file state income taxes For more information about the expatriation tax, see Expatriation Tax in chapter 4 of Publication 519, U. How do you file state income taxes S. How do you file state income taxes Tax Guide for Aliens. How do you file state income taxes Home destroyed or condemned. How do you file state income taxes   If your home was destroyed or condemned, any gain (for example, because of insurance proceeds you received) qualifies for the exclusion. How do you file state income taxes   Any part of the gain that cannot be excluded (because it is more than the maximum exclusion) can be postponed under the rules explained in: Publication 547, in the case of a home that was destroyed, or Publication 544, chapter 1, in the case of a home that was condemned. How do you file state income taxes Sale of remainder interest. How do you file state income taxes   Subject to the other rules in this chapter, you can choose to exclude gain from the sale of a remainder interest in your home. How do you file state income taxes If you make this choice, you cannot choose to exclude gain from your sale of any other interest in the home that you sell separately. How do you file state income taxes Exception for sales to related persons. How do you file state income taxes   You cannot exclude gain from the sale of a remainder interest in your home to a related person. How do you file state income taxes Related persons include your brothers, sisters, half-brothers, half-sisters, spouse, ancestors (parents, grandparents, etc. How do you file state income taxes ), and lineal descendants (children, grandchildren, etc. How do you file state income taxes ). How do you file state income taxes Related persons also include certain corporations, partnerships, trusts, and exempt organizations. How do you file state income taxes Recapturing (Paying Back) a Federal Mortgage Subsidy If you financed your home under a federally subsidized program (loans from tax-exempt qualified mortgage bonds or loans with mortgage credit certificates), you may have to recapture all or part of the benefit you received from that program when you sell or otherwise dispose of your home. How do you file state income taxes You recapture the benefit by increasing your federal income tax for the year of the sale. How do you file state income taxes You may have to pay this recapture tax even if you can exclude your gain from income under the rules discussed earlier; that exclusion does not affect the recapture tax. How do you file state income taxes Loans subject to recapture rules. How do you file state income taxes   The recapture applies to loans that: Came from the proceeds of qualified mortgage bonds, or Were based on mortgage credit certificates. How do you file state income taxes The recapture also applies to assumptions of these loans. How do you file state income taxes When recapture applies. How do you file state income taxes   Recapture of the federal mortgage subsidy applies only if you meet both of the following conditions. How do you file state income taxes You sell or otherwise dispose of your home at a gain within the first 9 years after the date you close your mortgage loan. How do you file state income taxes Your income for the year of disposition is more than that year's adjusted qualifying income for your family size for that year (related to the income requirements a person must meet to qualify for the federally subsidized program). How do you file state income taxes When recapture does not apply. How do you file state income taxes   Recapture does not apply in any of the following situations. How do you file state income taxes Your mortgage loan was a qualified home improvement loan (QHIL) of not more than $15,000 used for alterations, repairs, and improvements that protect or improve the basic livability or energy efficiency of your home. How do you file state income taxes Your mortgage loan was a QHIL of not more than $150,000 in the case of a QHIL used to repair damage from Hurricane Katrina to homes in the hurricane disaster area; a QHIL funded by a qualified mortgage bond that is a qualified Gulf Opportunity Zone Bond; or a QHIL for an owner-occupied home in the Gulf Opportunity Zone (GO Zone), Rita GO Zone, or Wilma GO Zone. How do you file state income taxes For more information, see Publication 4492, Information for Taxpayers Affected by Hurricanes Katrina, Rita, and Wilma. How do you file state income taxes Also see Publication 4492-B, Information for Affected Taxpayers in the Midwestern Disaster Areas. How do you file state income taxes The home is disposed of as a result of your death. How do you file state income taxes You dispose of the home more than 9 years after the date you closed your mortgage loan. How do you file state income taxes You transfer the home to your spouse, or to your former spouse incident to a divorce, where no gain is included in your income. How do you file state income taxes You dispose of the home at a loss. How do you file state income taxes Your home is destroyed by a casualty, and you replace it on its original site within 2 years after the end of the tax year when the destruction happened. How do you file state income taxes The replacement period is extended for main homes destroyed in a federally declared disaster area, a Midwestern disaster area, the Kansas disaster area, and the Hurricane Katrina disaster area. How do you file state income taxes For more information, see Replacement Period in Publication 547. How do you file state income taxes You refinance your mortgage loan (unless you later meet the conditions listed previously under When recapture applies ). How do you file state income taxes Notice of amounts. How do you file state income taxes   At or near the time of settlement of your mortgage loan, you should receive a notice that provides the federally subsidized amount and other information you will need to figure your recapture tax. How do you file state income taxes How to figure and report the recapture. How do you file state income taxes    The recapture tax is figured on Form 8828. How do you file state income taxes If you sell your home and your mortgage is subject to recapture rules, you must file Form 8828 even if you do not owe a recapture tax. How do you file state income taxes Attach Form 8828 to your Form 1040. How do you file state income taxes For more information, see Form 8828 and its instructions. 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How do you file state income taxes 35. How do you file state income taxes   Créditos Tributarios por Estudios Table of Contents Introduction Useful Items - You may want to see: ¿Quién Puede Reclamar un Crédito Tributario por Estudios? Gastos de Estudios CalificadosNo se Permite Beneficio Doble Ajustes a los Gastos de Estudios Calificados Introduction Para 2013, hay dos créditos tributarios para personas que paguen gastos de enseñanza superior (postsecundaria). How do you file state income taxes Éstos son: El crédito tributario de oportunidad para los estadounidenses y El crédito vitalicio por aprendizaje. How do you file state income taxes Este capítulo explica en términos generales estos créditos tributarios por estudios. How do you file state income taxes Para obtener la información detallada que necesitará para reclamar cualquiera de los créditos, y para ver ejemplos aclaratorios, consulte los capítulos 2 y 3 de la Publicación 970, Tax Benefits for Education (Beneficios tributarios por estudios), en inglés. How do you file state income taxes ¿Puede reclamar más de un crédito por estudios este año?   Puede escoger sólo uno de los créditos por cada estudiante por cada año. How do you file state income taxes Por ejemplo, si reclama el crédito tributario de oportunidad para los estadounidenses por un hijo en su declaración de impuestos de 2013, no puede tomar el crédito vitalicio por aprendizaje para 2013 si se trata del mismo hijo. How do you file state income taxes   Si reúne los requisitos del crédito tributario de oportunidad para los estadounidenses y también del crédito vitalicio por aprendizaje por el mismo estudiante durante el mismo año, puede reclamar sólo uno de los dos créditos, pero no ambos. How do you file state income taxes   Si paga gastos de estudios calificados por más de un estudiante durante el mismo año, puede reclamar el crédito tributario de oportunidad para los estadounidenses y el crédito vitalicio por aprendizaje basado por cada estudiante y por año. How do you file state income taxes Esto quiere decir que, por ejemplo, puede reclamar el crédito tributario de oportunidad para los estadounidenses por un estudiante y el crédito vitalicio por aprendizaje por otro estudiante en el mismo año. How do you file state income taxes    Tabla 35-1. How do you file state income taxes Comparación de los Créditos Tributarios por Estudios Precaución: Puede reclamar el crédito tributario de oportunidad para los estadounidenses y el crédito vitalicio por aprendizaje en la misma declaración —pero no por el mismo estudiante. How do you file state income taxes   Crédito tributario de oportunidad para los estadounidenses Crédito vitalicio por aprendizaje Crédito máximo Un crédito de hasta $2,500 por cada estudiante que reúne los requisitos Un crédito de hasta $2,000 por cada declaración Límite a los ingresos brutos ajustados modificados (MAGI, por sus siglas en inglés) $180,000 si es casado que presenta una declaración conjunta;  $90,000 si es soltero, cabeza de familia o viudo que reúne los requisitos $127,000 si es casado que presenta una declaración conjunta;  $63,000 si es soltero, cabeza de familia o viudo que reúne los requisitos Reembolsable o no reembolsable El 40% del crédito podría ser reembolsable El monto del crédito está limitado al monto de impuestos que tiene que pagar sobre sus ingresos sujetos a impuestos Número de años de enseñanza postsecundaria Disponible SÓLO si el estudiante no ha completado los 4 primeros años de enseñanza postsecundaria antes de 2013 Disponible para todo año de enseñanza postsecundaria y cursos para adquirir o mejorar aptitudes en el trabajo Número de años tributarios por los cuales se ofrece el crédito Disponible SÓLO por 4 años por cada estudiante que reúna los requisitos (incluido todo año en el que se haya reclamado el crédito Hope) Disponible por un número ilimitado de años Tipo de programa académico requerido El estudiante tiene que estar cursando un programa de estudios con miras a sacar una licenciatura u otro título o certificado académico acreditado El estudiante no necesita estar cursando un programa de estudios con miras a sacar una licenciatura u otro título o certificado académico acreditado Número de cursos El estudiante tiene que estar matriculado a medio tiempo como mínimo durante al menos un período académico que haya comenzado en el transcurso del año tributario Disponible para uno o más cursos Fallo condenatorio por delito grave de drogas Si para el fin de 2013 no consta fallo condenatorio alguno al estudiante por delito grave de poseer o distribuir drogas Fallos condenatorios por delito grave de drogas no hacen que el estudiante no reúna los requisitos Gastos que reúnen los requisitos Costos de matrícula y gastos de inscripción obligatorios y todos los materiales relacionados con un curso que necesita el estudiante, tanto si son comprados o no en la institución como condición de inscripción o asistencia Costos de matrícula y gastos de inscripción obligatorios (incluidas cantidades que tienen que pagarse a la institución por textos, materiales y equipo relacionados con un curso) Pagos por períodos académicos Pagos efectuados en 2013 para períodos académicos que se iniciaron en 2013 y en los tres primeros meses de 2014 Diferencias entre el crédito tributario de oportunidad para los estadounidenses y el crédito vitalicio por aprendizaje. How do you file state income taxes   Existen varias diferencias entre estos dos créditos. How do you file state income taxes Estas diferencias se resumen en la Tabla 35-1, más adelante. How do you file state income taxes Useful Items - You may want to see: Publicación 970 Tax Benefits for Education (Beneficios tributarios por estudios), en inglés Formulario (e Instrucciones) 8863 Education Credits (American Opportunity and Lifetime Learning Credits) (Créditos tributarios por estudios (crédito tributario de oportunidad para los estadounidenses y crédito vitalicio por aprendizaje)), en inglés ¿Quién Puede Reclamar un Crédito Tributario por Estudios? Tal vez pueda reclamar un crédito tributario por estudios si usted, su cónyuge o un dependiente reclamado en su declaración de impuestos era estudiante matriculado en, o asistió a, una institución de enseñanza superior que reúne los requisitos. How do you file state income taxes Los créditos se basan en la cantidad de gastos de estudios calificados que hayan sido pagados a nombre del estudiante en 2013 por períodos académicos que comenzaron en 2013 y en los primeros tres meses de 2014. How do you file state income taxes Por ejemplo, si pagó $1,500 en diciembre de 2013 por una matrícula calificada por el semestre de primavera de 2014 que comience en enero de 2014, tal vez pueda usar los $1,500 en el cálculo del (de los) crédito(s) para 2013. How do you file state income taxes Período académico. How do you file state income taxes   Un período académico abarca un semestre, trimestre, cuatrimestre u otro período de estudios (como un curso de escuela de verano) según lo determine de manera razonable una institución de enseñanza superior. How do you file state income taxes En el caso de una institución de enseñanza superior que no tenga períodos académicos sino horas de crédito u horas de reloj, cada período de pago se puede considerar período académico. How do you file state income taxes Institución de enseñanza superior que reúne los requisitos. How do you file state income taxes   Una “institución de enseñanza superior que reúne los requisitos” es todo colegio universitario, universidad, escuela de enseñanza técnica u otra institución de enseñanza superior con derecho a participar en un programa de asistencia financiera al estudiante administrado por el Departamento de Educación de los Estados Unidos. How do you file state income taxes Esta clase de institución abarca prácticamente todas las instituciones acreditadas de enseñanza superior públicas, sin fines de lucro y las privadas con fines de lucro. How do you file state income taxes La institución de enseñanza superior debe poder indicarle si reúne los requisitos. How do you file state income taxes   Determinadas instituciones de enseñanza superior ubicadas en el extranjero participan también en los programas de Federal Student Aid (Asistencia Financiera al Estudiante o FSA, por sus siglas en inglés) del Departamento de Educación de los Estados Unidos. How do you file state income taxes ¿Quién puede reclamar los gastos de un dependiente?   Si una persona reclama al estudiante como dependiente y se permite una deducción por aquel estudiante en la declaración de dicha persona, se considera que esa persona ha pagado todos los gastos de estudios calificados del estudiante. How do you file state income taxes Por lo tanto, sólo esa persona puede reclamar un crédito por estudios en nombre del estudiante. How do you file state income taxes Si un estudiante no es reclamado como dependiente en la declaración de impuestos de otra persona, sólo el estudiante puede reclamar un crédito. How do you file state income taxes Gastos pagados por un tercero. How do you file state income taxes   Los gastos de estudios calificados pagados en nombre del estudiante por una persona que no sea el estudiante (como un pariente) se tratan como si hubiesen sido pagados por dicho estudiante. How do you file state income taxes Sin embargo, los gastos de estudios calificados pagados (o que se tratan como si hubiesen sido pagados) por un estudiante que es reclamado como dependiente en su declaración de impuestos, se tratan como si hubiesen sido pagados por usted. How do you file state income taxes Por lo tanto, a usted se le trata como si hubiese pagado los gastos que fueron pagados por el tercero. How do you file state income taxes Para más información y para ver un ejemplo, vea Who can Claim a Dependent's Expenses (¿Quién puede reclamar los gastos de un dependiente?) en el capítulo 2 ó 3 de la Publicación 970, en inglés. How do you file state income taxes ¿Quién no puede reclamar el crédito?   No puede tomar un crédito tributario por estudios si alguna de las siguientes situaciones le corresponde: Usted es reclamado como dependiente en la declaración de impuestos de otra persona, como la de sus padres. How do you file state income taxes Su estado civil para efectos de la declaración es casado que presenta una declaración por separado. How do you file state income taxes Usted (o su cónyuge) fue extranjero no residente durante cualquier parte de 2013 y no optó por ser tratado como extranjero residente para fines tributarios. How do you file state income taxes Sus ingresos brutos ajustados modificados (MAGI, por sus siglas en inglés) es uno de los siguientes: Crédito tributario de oportunidad para los estadounidenses: $180,000 o más si es casado que presenta la declaración conjunta, o $90,000 o más si es soltero, cabeza de familia o viudo que reúne los requisitos. How do you file state income taxes Crédito vitalicio por aprendizaje: $127,000 o más si es casado que presenta la declaración conjunta, o $63,000 o más si es soltero, cabeza de familia o viudo que reúne los requisitos. How do you file state income taxes   Por lo general, su MAGI es la cantidad de la línea 38 de su Formulario 1040 o la línea 22 del Formulario 1040A. How do you file state income taxes No obstante, si presenta el Formulario 2555, 2555-EZ o 4563 o si excluye ingresos de fuentes dentro de Puerto Rico, sume la cantidad excluida del ingreso a la cantidad en la línea 38 de su Formulario 1040 o de la línea 22 del Formulario 1040A. How do you file state income taxes Para más detalles, vea la Publicación 970, en inglés. How do you file state income taxes   La Figura 35-A podría ser útil al momento de determinar si puede reclamar un crédito tributario por estudios en su declaración de impuestos. How do you file state income taxes    El crédito tributario de oportunidad para los estadounidenses siempre será mayor que o igual al crédito vitalicio por aprendizaje para todo estudiante que reúna los requisitos para ambos créditos. How do you file state income taxes Sin embargo, si no se cumplen todos los requisitos correspondientes al crédito tributario de oportunidad para los estadounidenses enumerados anteriormente en la Tabla 35-1, usted no puede reclamar dicho crédito en base de este estudiante. How do you file state income taxes En lugar de ello, quizás podría reclamar el crédito vitalicio por aprendizaje por una parte o la totalidad de los gastos de estudios calificados de dicho estudiante. How do you file state income taxes Para obtener información sobre otros beneficios relacionados con los estudios, vea la Publicación 970, en inglés. How do you file state income taxes Gastos de Estudios Calificados Generalmente, se considera que los gastos de estudios calificados son cantidades pagadas en 2013 por matrícula y gastos escolares obligatorios para matricularse en un curso o asistir al mismo en una institución de enseñanza superior. How do you file state income taxes No importa si los gastos fueron pagados en efectivo, por cheque, con tarjeta de crédito o débito, o con préstamos. How do you file state income taxes Sólo reúnen los requisitos ciertos gastos por libros, materiales y equipos relacionados con un curso: Crédito tributario de oportunidad para los estadounidenses: Los gastos de estudios calificados abarcan cantidades gastadas en libros, materiales y equipos necesarios para cursos de un programa de estudios, ya sea o no que se compren estos materiales en la institución de enseñanza como condición para matricularse o asistir a tales cursos. How do you file state income taxes Crédito vitalicio por aprendizaje: Los gastos de estudios calificados abarcan cantidades gastadas en libros, materiales y equipos sólo si se tienen que pagar a la institución como condición para matricularse o asistir a cursos. How do you file state income taxes Los gastos de estudios calificados incluyen cuotas no académicas, tales como cuotas por actividades estudiantiles, cuotas por actividades deportivas u otros gastos no relacionados con el curso de instrucción, sólo si la cuota tiene que pagarse a la institución como condición de inscripción o asistencia. How do you file state income taxes Sin embargo, las cuotas por gastos personales (descritos a continuación) nunca se consideran gastos de estudios calificados. How do you file state income taxes Los gastos de estudios calificados no incluyen cantidades pagadas por: Gastos personales. How do you file state income taxes Éstos incluyen gastos de alojamiento y comida, seguros, gastos médicos (incluyendo las cuotas de servicios de salud para estudiantes), transporte y otros gastos personales similares o de familia. How do you file state income taxes Todo curso u otros estudios que se relacionen con deportes, juegos o pasatiempos o todo curso sin crédito académico, a menos que dicho curso o dichos estudios formen parte del programa de estudios para obtener un título del estudiante o (sólo en el caso del crédito vitalicio por aprendizaje) ayude al estudiante a adquirir o mejorar aptitudes en el trabajo. How do you file state income taxes Usted debe recibir el Formulario 1098-T, Tuition Statement (Información sobre el pago de matrícula), en inglés, de la institución que informa cualesquiera de los pagos recibidos en 2013 (encasillado 1) o las cantidades facturadas en 2013 (encasillado 2). How do you file state income taxes Sin embargo, la cantidad pagada (o tratada como pagada) puede ser distinta a la cantidad en el encasillado 1 ó 2 del Formulario 1098-T. How do you file state income taxes Al completar el Formulario 8863, en inglés, utilice sólo las cantidades que realmente pagó (además de cualquier otra cantidad tratada como pagada) en 2013, reducida cuando sea necesario, como se describe en Ajustes a los Gastos de Estudios Calificados , más adelante. How do you file state income taxes Los gastos de estudios calificados pagados en nombre del estudiante por una persona que no sea el estudiante (como un pariente) se tratan como si hubiesen sido pagados por dicho estudiante. How do you file state income taxes Los gastos de estudios calificados pagados (o que se tratan como si hubiesen sido pagados) por un estudiante que es reclamado como dependiente en su declaración de impuestos se tratan como si hubiesen sido pagados por usted. How do you file state income taxes Al calcular los créditos tributarios por estudios, si usted o el estudiante toman una deducción por gastos de enseñanza superior, tal como en el Anexo A o C (Formulario 1040), no pueden utilizar esos gastos como gastos de estudios calificados. How do you file state income taxes Los gastos de estudios calificados para cualquier período académico tienen que ser reducidos por toda ayuda económica de estudios exenta de los impuestos asignable a dicho período académico. How do you file state income taxes Vea Ajustes a los Gastos de Estudios Calificados , más adelante. How do you file state income taxes Gastos pagados por adelantado. How do you file state income taxes   Los gastos de estudios calificados pagados en 2013 para un período académico que comienza en los primeros tres meses de 2014 se pueden utilizar sólo en el cálculo del crédito por estudios de 2013. How do you file state income taxes Vea Período académico , anteriormente. How do you file state income taxes Por ejemplo, si usted paga $2,000 en diciembre de 2013 para matrícula calificada por el cuatrimestre del invierno de 2014 que comienza en enero de 2014, puede utilizar los $2,000 en el cálculo del crédito por estudios sólo para 2013 (si reúne todos los otros requisitos). How do you file state income taxes No puede utilizar cantidad alguna que haya pagado en 2012 ó 2014 para calcular su(s) crédito(s) tributario(s) por estudios de 2013. How do you file state income taxes Gastos pagados con un préstamo. How do you file state income taxes   Puede reclamar un crédito por estudios en el caso de gastos de estudios calificados que haya pagado con un préstamo. How do you file state income taxes Utilice los gastos para calcular el crédito tributario por estudios correspondiente al año en que se paguen los gastos y no al año en el que se pague el préstamo. How do you file state income taxes Trate los pagos del préstamo enviados directamente a la institución de enseñanza superior como si se hubiesen pagado en la fecha en que dicha institución abone los pagos a la cuenta del estudiante. How do you file state income taxes Si el estudiante se retira de uno o más cursos. How do you file state income taxes   Puede reclamar un crédito tributario por estudios en el caso de gastos de estudios calificados que no se le devuelvan al estudiante si el estudiante se retira de uno o más cursos. How do you file state income taxes No se Permite Beneficio Doble No se permite hacer lo siguiente: Deducir gastos de enseñanza superior en su declaración de impuestos sobre los ingresos (por ejemplo, un gasto de negocio) y reclamar también un crédito por estudios basándose en dichos gastos. How do you file state income taxes Reclamar más de un (1) crédito tributario por estudios basándose en los mismos gastos de estudios calificados. How do you file state income taxes Reclamar un crédito por estudios basándose en los mismos gastos utilizados para calcular la parte exenta del impuesto de distribuciones de una cuenta de ahorros para estudios Coverdell (Coverdell ESA, por su abreviatura en inglés) o un programa de matrícula calificada (QTP, por sus siglas en inglés). How do you file state income taxes Reclamar un crédito basándose en gastos de estudios calificados que hayan sido pagados con ayuda para estudios, tal como una beca o subvención o ayuda provista por el empleador, libres de impuestos. How do you file state income taxes Vea Ajustes a los Gastos de Estudios Calificados, a continuación. How do you file state income taxes Ajustes a los Gastos de Estudios Calificados Para cada estudiante, se tiene que restar los gastos de estudios calificados, pagados en 2013, por o en nombre de dicho estudiante bajo las siguientes reglas. How do you file state income taxes El resultado es la cantidad ajustada en gastos de estudios calificados por cada estudiante. How do you file state income taxes Ayuda económica para estudios exenta de impuestos. How do you file state income taxes   Si en 2013 recibió ayuda económica para estudios que está exenta de impuestos, reste la cantidad de la ayuda económica para estudios exenta de impuestos asignable para cada período académico de la cantidad de gastos de estudios calificados para cada período académico. How do you file state income taxes Vea Período académico , anteriormente. How do you file state income taxes   La ayuda económica para estudios exenta de impuestos incluye: Partes no sujetas a impuestos de becas de estudios y becas de investigación (vea el capítulo 12 de esta publicación y el capítulo 1 de la Publicación 970, en inglés), La parte no sujeta a impuestos de subvenciones federales Pell (vea el capítulo 1 de la Publicación 970, en inglés), La parte no sujeta a impuestos de ayuda económica para estudios provista por el empleador (vea la Publicación 970, en inglés), Ayuda económica para estudios para veteranos (vea el capítulo 1 de la Publicación 970, en inglés) y Cualquier otro pago no sujeto a impuestos (libre de impuestos) (que no sean regalos ni herencias) recibido como ayuda económica para estudios. How do you file state income taxes   Por lo general, toda beca de estudios o de investigación es tratada como una ayuda económica para estudios exenta de impuestos. How do you file state income taxes Sin embargo, una beca de estudios o de investigación no será tratada como dicha ayuda al punto de que el estudiante la incluye como ingreso bruto (si el estudiante tiene que presentar una declaración de impuestos) para el año en que reciba la beca de estudios o de investigación y le corresponde uno de los siguientes: La beca de estudios o de investigación (o cualquier parte de dicha beca) tiene que ser aplicada (por sus condiciones) a gastos (como de alojamiento y comida) que no sean gastos de estudios calificados como se define en el capítulo 1, Qualified education expenses (Gastos de estudios calificados), de la Publicación 970, en inglés, o La beca de estudios o de investigación (o cualquier parte de dicha beca) puede ser aplicada (por sus condiciones) a gastos (como de alojamiento y comida) que no sean gastos de estudios calificados como se define en el capítulo 1, Qualified education expenses (Gastos de estudios calificados), de la Publicación 970, en inglés. How do you file state income taxes Podría aumentar el valor combinado del crédito tributario por estudios y cierta ayuda económica para estudios si el estudiante incluye alguna o toda ayuda económica para estudios del ingreso en el año en que recibió dicha ayuda. How do you file state income taxes Para detalles, vea Adjustments of Qualified Education Expenses (Ajustes a los gastos de estudios calificados) en los capítulos 2 y 3 de la Publicación 970, en inglés. How do you file state income taxes Cierta ayuda económica para estudios exenta de impuestos recibida después de 2013 podría ser tratada como un reembolso de gastos de estudios calificados que se pagaron en 2013. How do you file state income taxes Esta ayuda económica para estudios exenta de impuestos es toda ayuda económica para estudios exenta de impuestos que usted o cualquier otro ha recibido después de 2013 por gastos de estudios calificados pagados en nombre de un estudiante en 2013 (o atribuible a la matrícula de una institución de enseñanza superior que reúne los requisitos durante 2013). How do you file state income taxes Si dicha ayuda económica para estudios exenta de impuestos se recibe después de 2013 pero antes de que presente su declaración de impuestos sobre los ingresos para 2013, vea Reembolsos recibidos después de 2013 pero antes de presentar su declaración de impuestos sobre los ingresos, más adelante. How do you file state income taxes Si dicha ayuda económica para estudios exenta de impuestos se recibe después de 2013 y después que presenta su declaración de impuestos sobre los ingresos para 2013, vea Reembolsos recibidos después de 2013 y después que presenta su declaración de impuestos sobre los ingresos, más adelante. How do you file state income taxes Reembolsos. How do you file state income taxes   Un reembolso de gastos de estudios calificados puede reducir gastos de estudios calificados por el año tributable o puede requerir que recupere (reintegre) el crédito tributario por estudios que reclamó en un año anterior. How do you file state income taxes Cierta ayuda económica para estudios exenta de impuestos recibida después de 2013 puede ser tratada como un reembolso. How do you file state income taxes Vea Ayuda económica para estudios exenta de impuestos, anteriormente. How do you file state income taxes Reembolsos recibidos en 2013. How do you file state income taxes   Por cada estudiante, calcule los gastos de estudios calificados ajustados de 2013 sumando todos los gastos de estudios calificados pagados en 2013 y reste todos los reembolsos de esos gastos recibidos de la institución de enseñanza superior que reúne los requisitos durante 2013. How do you file state income taxes Reembolsos recibidos después de 2013 pero antes de presentar su declaración de impuestos sobre los ingresos. How do you file state income taxes   Si alguien recibe un reembolso después de 2013 por gastos de estudios calificados pagado en nombre de un estudiante en 2013 y el reembolso es recibido antes de que presente su declaración de impuestos sobre los ingresos de 2013, reste la cantidad de gastos de estudios calificados de 2013 por la cantidad del reembolso. How do you file state income taxes Reembolsos recibidos después de 2013 y después de presentar su declaración de impuestos sobre los ingresos. How do you file state income taxes   Si alguien recibe un reembolso después de 2013 por gastos de estudios calificados pagados en nombre de un estudiante en 2013 y el reembolso es recibido después de presentar su declaración de impuestos sobre los ingresos de 2013, podría verse obligado a reintegrar parte o todo el crédito tributario por estudios que reclamó. How do you file state income taxes Vea Recuperar (reintegrar) el crédito, a continuación. How do you file state income taxes Recuperar (reintegrar) el crédito. How do you file state income taxes   Si después de haber presentado su declaración de impuestos sobre los ingresos de 2013, recibe alguna ayuda económica para estudios exenta de impuestos o cualquier reembolso correspondiente a gastos de estudios calificados que haya pagado en 2013, tiene que recuperar (reintegrar) todo crédito en exceso. How do you file state income taxes Cuando se vuelve a calcular la cantidad de gastos de estudios calificados ajustados de 2013, reste de dichos gastos la cantidad de la ayuda económica para estudios exenta de impuestos o el (los) reembolso(s) que haya recibido. How do you file state income taxes Entonces se calcula nuevamente su(s) crédito(s) tributario(s) por estudios de 2013 y se calcula la cantidad por la cual su impuesto adeudado de 2013 hubiera aumentado si hubiese reclamado dicho(s) crédito(s) nuevamente calculado(s). How do you file state income taxes Incluya esa cantidad como un impuesto adicional para el año en que la ayuda económica o el reembolso fueron recibidos. How do you file state income taxes Ejemplo. How do you file state income taxes   Usted pagó $8,000 por matrícula y gastos escolares de su hijo en diciembre de 2013 por el semestre de primavera que comienza en enero de 2014. How do you file state income taxes Usted presentó su declaración de impuestos de 2013 el 3 de febrero de 2014 y reclamó un crédito vitalicio por aprendizaje de $1,600 ($8,000 de gastos de estudios calificados multiplicado por 0. How do you file state income taxes 20). How do you file state income taxes Usted no reclamó otros créditos tributarios. How do you file state income taxes Después de haber presentado su declaración, su hijo se retiró de dos cursos y usted recibió un reembolso de $1,400. How do you file state income taxes Tiene que volver a calcular su crédito vitalicio por aprendizaje de 2013 usando $6,600 ($1,400 del reembolso que se resta de los gastos de estudios calificados de $8,000). How do you file state income taxes El crédito nuevamente calculado es $1,320 y su impuesto adeudado aumentó por $280. How do you file state income taxes Tiene que incluir el resultado de $280 (lo que queda después de que haya restado $1,320 (el crédito nuevamente calculado) de $1,600 (el crédito que había reclamado originalmente)) como un impuesto adicional en su declaración de impuestos sobre los ingresos de 2014. How do you file state income taxes Para determinar en dónde incluir dicho impuesto adicional, vea las instrucciones de su declaración de impuestos sobre los ingresos de 2014. How do you file state income taxes    Si también paga gastos de estudios calificados en 2014 para un período académico que comienza en los primeros tres meses de 2014 y recibe ayuda económica para estudios exenta de impuestos o un reembolso como se explicó anteriormente, usted puede escoger reducir sus gastos de estudios calificados para el 2014 en vez de reducir sus gastos para 2013. How do you file state income taxes Cantidades que no reducen los gastos de estudios calificados. How do you file state income taxes   No reste de los gastos de estudios calificados las cantidades pagadas con fondos que el estudiante reciba como: Pagos por servicios, como salarios; Un préstamo; Un regalo; Una herencia o Un retiro de la cuenta de ahorros personal del estudiante. How do you file state income taxes   No reste de los gastos de estudios calificados ninguna beca de estudios o beca de investigación reclamada como ingresos en la declaración de ingresos del estudiante en las siguientes situaciones: El uso del dinero está limitado, por los términos de la beca de estudios o de investigación, a los costos de asistencia (como alojamiento y comida) que no sean gastos de estudios calificados, como se definen en el capítulo 1 de la Publicación 970, en inglés. How do you file state income taxes El uso del dinero no está limitado. How do you file state income taxes   Para ver ejemplos, consulte el capítulo 2 de la Publicación 970, en inglés. How do you file state income taxes Please click here for the text description of the image. How do you file state income taxes Figura 35-A ¿Puede usted reclamar el crédito por Estudios para 2013? Prev  Up  Next   Home   More Online Publications