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How To Amend 2011 Tax Return Turbotax

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How To Amend 2011 Tax Return Turbotax

How to amend 2011 tax return turbotax 37. How to amend 2011 tax return turbotax   Other Credits Table of Contents What's New Introduction Useful Items - You may want to see: Nonrefundable CreditsAdoption Credit Alternative Motor Vehicle Credit Alternative Fuel Vehicle Refueling Property Credit Credit to Holders of Tax Credit Bonds Foreign Tax Credit Mortgage Interest Credit Nonrefundable Credit for Prior Year Minimum Tax Plug-in Electric Drive Motor Vehicle Credit Residential Energy Credits Retirement Savings Contributions Credit (Saver's Credit) Refundable CreditsCredit for Tax on Undistributed Capital Gain Health Coverage Tax Credit Credit for Excess Social Security Tax or Railroad Retirement Tax Withheld What's New Adoption credit. How to amend 2011 tax return turbotax  The maximum adoption credit is $12,970 for 2013. How to amend 2011 tax return turbotax See Adoption Credit . How to amend 2011 tax return turbotax Plug-in electric vehicle credit. How to amend 2011 tax return turbotax  This credit has expired. How to amend 2011 tax return turbotax Credit for prior year minimum tax. How to amend 2011 tax return turbotax  The refundable portion of the credit for prior year minimum tax has expired. How to amend 2011 tax return turbotax Excess withholding of social security and railroad retirement tax. How to amend 2011 tax return turbotax  Social security tax and tier 1 railroad retirement (RRTA) tax were both withheld during 2013 at a rate of 6. How to amend 2011 tax return turbotax 2% of wages up to $113,700. How to amend 2011 tax return turbotax If you worked for more than one employer and had too much social security or RRTA tax withheld during 2013, you may be entitled to a credit for the excess withholding. How to amend 2011 tax return turbotax See Credit for Excess Social Security Tax or Railroad Retirement Tax Withheld . How to amend 2011 tax return turbotax Introduction This chapter discusses the following nonrefundable credits. How to amend 2011 tax return turbotax Adoption credit. How to amend 2011 tax return turbotax Alternative motor vehicle credit. How to amend 2011 tax return turbotax Alternative fuel vehicle refueling property credit. How to amend 2011 tax return turbotax Credit to holders of tax credit bonds. How to amend 2011 tax return turbotax Foreign tax credit. How to amend 2011 tax return turbotax Mortgage interest credit. How to amend 2011 tax return turbotax Nonrefundable credit for prior year minimum tax. How to amend 2011 tax return turbotax Plug-in electric drive motor vehicle credit. How to amend 2011 tax return turbotax Residential energy credits. How to amend 2011 tax return turbotax Retirement savings contributions credit. How to amend 2011 tax return turbotax This chapter also discusses the following refundable credits. How to amend 2011 tax return turbotax Credit for tax on undistributed capital gain. How to amend 2011 tax return turbotax Health coverage tax credit. How to amend 2011 tax return turbotax Credit for excess social security tax or railroad retirement tax withheld. How to amend 2011 tax return turbotax Several other credits are discussed in other chapters in this publication. How to amend 2011 tax return turbotax Child and dependent care credit (chapter 32). How to amend 2011 tax return turbotax Credit for the elderly or the disabled (chapter 33). How to amend 2011 tax return turbotax Child tax credit (chapter 34). How to amend 2011 tax return turbotax Education credits (chapter 35). How to amend 2011 tax return turbotax Earned income credit (chapter 36). How to amend 2011 tax return turbotax Nonrefundable credits. How to amend 2011 tax return turbotax   The first part of this chapter, Nonrefundable Credits , covers ten credits that you subtract from your tax. How to amend 2011 tax return turbotax These credits may reduce your tax to zero. How to amend 2011 tax return turbotax If these credits are more than your tax, the excess is not refunded to you. How to amend 2011 tax return turbotax Refundable credits. How to amend 2011 tax return turbotax   The second part of this chapter, Refundable Credits , covers three credits that are treated as payments and are refundable to you. How to amend 2011 tax return turbotax These credits are added to the federal income tax withheld and any estimated tax payments you made. How to amend 2011 tax return turbotax If this total is more than your total tax, the excess will be refunded to you. How to amend 2011 tax return turbotax Useful Items - You may want to see: Publication 502 Medical and Dental Expenses 514 Foreign Tax Credit for  Individuals 530 Tax Information for Homeowners 590 Individual Retirement Arrangements (IRAs) Form (and Instructions) 1116 Foreign Tax Credit 2439 Notice to Shareholder of Undistributed Long-Term Capital Gains 5695 Residential Energy Credits 8396 Mortgage Interest Credit 8801 Credit For Prior Year Minimum Tax — Individuals, Estates, and Trusts 8828 Recapture of Federal Mortgage Subsidy 8839 Qualified Adoption Expenses 8880 Credit for Qualified Retirement Savings Contributions 8885 Health Coverage Tax Credit 8910 Alternative Motor Vehicle Credit 8911 Alternative Fuel Vehicle Refueling Property Credit 8912 Credit to Holders of Tax Credit Bonds 8936 Qualified Plug-in Electric Drive Motor Vehicle Credit Nonrefundable Credits The credits discussed in this part of the chapter can reduce your tax. How to amend 2011 tax return turbotax However, if the total of these credits is more than your tax, the excess is not refunded to you. How to amend 2011 tax return turbotax Adoption Credit You may be able to take a tax credit of up to $12,970 for qualified expenses paid to adopt an eligible child. How to amend 2011 tax return turbotax The credit may be allowed for the adoption of a child with special needs even if you do not have any qualified expenses. How to amend 2011 tax return turbotax If your modified adjusted gross income (AGI) is more than $194,580, your credit is reduced. How to amend 2011 tax return turbotax If your modified AGI is $234,580 or more, you cannot take the credit. How to amend 2011 tax return turbotax Qualified adoption expenses. How to amend 2011 tax return turbotax   Qualified adoption expenses are reasonable and necessary expenses directly related to, and whose principal purpose is for, the legal adoption of an eligible child. How to amend 2011 tax return turbotax These expenses include: Adoption fees, Court costs, Attorney fees, Travel expenses (including amounts spent for meals and lodging) while away from home, and Re-adoption expenses to adopt a foreign child. How to amend 2011 tax return turbotax Nonqualified expenses. How to amend 2011 tax return turbotax   Qualified adoption expenses do not include expenses: That violate state or federal law, For carrying out any surrogate parenting arrangement, For the adoption of your spouse's child, For which you received funds under any federal, state, or local program, Allowed as a credit or deduction under any other federal income tax rule, or Paid or reimbursed by your employer or any other person or organization. How to amend 2011 tax return turbotax Eligible child. How to amend 2011 tax return turbotax   The term “eligible child” means any individual: Under 18 years old, or Physically or mentally incapable of caring for himself or herself. How to amend 2011 tax return turbotax Child with special needs. How to amend 2011 tax return turbotax   An eligible child is a child with special needs if all three of the following apply. How to amend 2011 tax return turbotax The child was a citizen or resident of the United States (including U. How to amend 2011 tax return turbotax S. How to amend 2011 tax return turbotax possessions) at the time the adoption process began. How to amend 2011 tax return turbotax A state (including the District of Columbia) has determined that the child cannot or should not be returned to his or her parents' home. How to amend 2011 tax return turbotax The state has determined that the child will not be adopted unless assistance is provided to the adoptive parents. How to amend 2011 tax return turbotax Factors used by states to make this determination include: The child's ethnic background, The child's age, Whether the child is a member of a minority or sibling group, and Whether the child has a medical condition or a physical, mental, or emotional handicap. How to amend 2011 tax return turbotax When to take the credit. How to amend 2011 tax return turbotax   Generally, until the adoption becomes final, you take the credit in the year after your qualified expenses were paid or incurred. How to amend 2011 tax return turbotax If the adoption becomes final, you take the credit in the year your expenses were paid or incurred. How to amend 2011 tax return turbotax See the Instructions for Form 8839 for more specific information on when to take the credit. How to amend 2011 tax return turbotax Foreign child. How to amend 2011 tax return turbotax   If the child is not a U. How to amend 2011 tax return turbotax S. How to amend 2011 tax return turbotax citizen or resident at the time the adoption process began, you cannot take the credit unless the adoption becomes final. How to amend 2011 tax return turbotax You treat all adoption expenses paid or incurred in years before the adoption becomes final as paid or incurred in the year it becomes final. How to amend 2011 tax return turbotax How to take the credit. How to amend 2011 tax return turbotax   Figure your 2013 nonrefundable credit and any carryforward to 2014 on Form 8839 and attach it to your Form 1040. How to amend 2011 tax return turbotax Include the credit in your total for Form 1040, line 53. How to amend 2011 tax return turbotax Check box c and enter “8839” on the line next to that box. How to amend 2011 tax return turbotax More information. How to amend 2011 tax return turbotax   For more information, see the Instructions for Form 8839. How to amend 2011 tax return turbotax Alternative Motor Vehicle Credit You may be able to take this credit if you place a qualified fuel cell vehicle in service in 2013. How to amend 2011 tax return turbotax Amount of credit. How to amend 2011 tax return turbotax   Generally, you can rely on the manufacturer's certification to the IRS that a specific make, model, and model year vehicle qualifies for the credit and the amount of the credit for which it qualifies. How to amend 2011 tax return turbotax In the case of a foreign manufacturer, you generally can rely on its domestic distributor's certification to the IRS. How to amend 2011 tax return turbotax   Ordinarily the amount of the credit is 100% of the manufacturer's (or domestic distributor's) certification to the IRS of the maximum credit allowable. How to amend 2011 tax return turbotax How to take the credit. How to amend 2011 tax return turbotax   To take the credit, you must complete Form 8910 and attach it to your Form 1040. How to amend 2011 tax return turbotax Include the credit in your total for Form 1040, line 53. How to amend 2011 tax return turbotax Check box c and enter “8910” on the line next to that box. How to amend 2011 tax return turbotax More information. How to amend 2011 tax return turbotax   For more information on the credit, see the Instructions for Form 8910. How to amend 2011 tax return turbotax Alternative Fuel Vehicle Refueling Property Credit You may be able to take a credit if you place qualified alternative fuel vehicle refueling property in service in 2013. How to amend 2011 tax return turbotax Qualified alternative fuel vehicle refueling property. How to amend 2011 tax return turbotax   Qualified alternative fuel vehicle refueling property is any property (other than a building or its structural components) used for either of the following. How to amend 2011 tax return turbotax To store or dispense alternative fuel into the fuel tank of a motor vehicle propelled by the fuel, but only if the storage or dispensing is at the point where the fuel is delivered into that tank. How to amend 2011 tax return turbotax To recharge an electric vehicle, but only if the recharging property is located at the point where the vehicle is recharged. How to amend 2011 tax return turbotax   The following are alternative fuels. How to amend 2011 tax return turbotax Any fuel at least 85% of the volume of which consists of one or more of the following: ethanol, natural gas, compressed natural gas, liquefied natural gas, liquefied petroleum gas, or hydrogen. How to amend 2011 tax return turbotax Any mixture which consists of two or more of the following: biodiesel, diesel fuel, or kerosene, and at least 20% of the volume of which consists of biodiesel determined without regard to any kerosene. How to amend 2011 tax return turbotax Electricity. How to amend 2011 tax return turbotax Amount of the credit. How to amend 2011 tax return turbotax   For personal use property, the credit is generally the smaller of 30% of the property's cost or $1,000. How to amend 2011 tax return turbotax For business use property, the credit is generally the smaller of 30% of the property's cost or $30,000. How to amend 2011 tax return turbotax How to take the credit. How to amend 2011 tax return turbotax   To take the credit, you must complete Form 8911 and attach it to your Form 1040. How to amend 2011 tax return turbotax Include the credit in your total for Form 1040, line 53. How to amend 2011 tax return turbotax Check box c and enter “8911” on the line next to that box. How to amend 2011 tax return turbotax More information. How to amend 2011 tax return turbotax   For more information on the credit, see the Form 8911 instructions. How to amend 2011 tax return turbotax Credit to Holders of Tax Credit Bonds Tax credit bonds are bonds in which the holder receives a tax credit in lieu of some or all of the interest on the bond. How to amend 2011 tax return turbotax You may be able to take a credit if you are a holder of one of the following bonds. How to amend 2011 tax return turbotax Clean renewable energy bonds (issued before 2010). How to amend 2011 tax return turbotax New clean renewable energy bonds. How to amend 2011 tax return turbotax Qualified energy conservation bonds. How to amend 2011 tax return turbotax Qualified school construction bonds. How to amend 2011 tax return turbotax Qualified zone academy bonds. How to amend 2011 tax return turbotax Build America bonds. How to amend 2011 tax return turbotax In some instances, an issuer may elect to receive a credit for interest paid on the bond. How to amend 2011 tax return turbotax If the issuer makes this election, you cannot also claim a credit. How to amend 2011 tax return turbotax Interest income. How to amend 2011 tax return turbotax   The amount of any tax credit allowed (figured before applying tax liability limits) must be included as interest income on your tax return. How to amend 2011 tax return turbotax How to take the credit. How to amend 2011 tax return turbotax   Complete Form 8912 and attach it to your Form 1040. How to amend 2011 tax return turbotax Include the credit in your total for Form 1040, line 53. How to amend 2011 tax return turbotax Check box c and enter “8912” on the line next to that box. How to amend 2011 tax return turbotax More information. How to amend 2011 tax return turbotax   For more information, see the Instructions for Form 8912. How to amend 2011 tax return turbotax Foreign Tax Credit You generally can choose to take income taxes you paid or accrued during the year to a foreign country or U. How to amend 2011 tax return turbotax S. How to amend 2011 tax return turbotax possession as a credit against your U. How to amend 2011 tax return turbotax S. How to amend 2011 tax return turbotax income tax. How to amend 2011 tax return turbotax Or, you can deduct them as an itemized deduction (see chapter 22). How to amend 2011 tax return turbotax You cannot take a credit (or deduction) for foreign income taxes paid on income that you exclude from U. How to amend 2011 tax return turbotax S. How to amend 2011 tax return turbotax tax under any of the following. How to amend 2011 tax return turbotax Foreign earned income exclusion. How to amend 2011 tax return turbotax Foreign housing exclusion. How to amend 2011 tax return turbotax Income from Puerto Rico exempt from U. How to amend 2011 tax return turbotax S. How to amend 2011 tax return turbotax tax. How to amend 2011 tax return turbotax Possession exclusion. How to amend 2011 tax return turbotax Limit on the credit. How to amend 2011 tax return turbotax   Unless you can elect not to file Form 1116 (see Exception , later), your foreign tax credit cannot be more than your U. How to amend 2011 tax return turbotax S. How to amend 2011 tax return turbotax tax liability (Form 1040, line 44), multiplied by a fraction. How to amend 2011 tax return turbotax The numerator of the fraction is your taxable income from sources outside the United States. How to amend 2011 tax return turbotax The denominator is your total taxable income from U. How to amend 2011 tax return turbotax S. How to amend 2011 tax return turbotax and foreign sources. How to amend 2011 tax return turbotax See Publication 514 for more information. How to amend 2011 tax return turbotax How to take the credit. How to amend 2011 tax return turbotax   Complete Form 1116 and attach it to your Form 1040. How to amend 2011 tax return turbotax Enter the credit on Form 1040, line 47. How to amend 2011 tax return turbotax Exception. How to amend 2011 tax return turbotax   You do not have to complete Form 1116 to take the credit if all of the following apply. How to amend 2011 tax return turbotax All of your gross foreign source income was from interest and dividends and all of that income and the foreign tax paid on it were reported to you on Form 1099-INT, Form 1099-DIV, or Schedule K-1 (or substitute statement). How to amend 2011 tax return turbotax If you had dividend income from shares of stock, you held those shares for at least 16 days. How to amend 2011 tax return turbotax You are not filing Form 4563 or excluding income from sources within Puerto Rico. How to amend 2011 tax return turbotax The total of your foreign taxes was not more than $300 (not more than $600 if married filing jointly). How to amend 2011 tax return turbotax All of your foreign taxes were: Legally owed and not eligible for a refund, and Paid to countries that are recognized by the United States and do not support terrorism. How to amend 2011 tax return turbotax More information. How to amend 2011 tax return turbotax   For more information on the credit and these requirements, see the Instructions for Form 1116. How to amend 2011 tax return turbotax Mortgage Interest Credit The mortgage interest credit is intended to help lower-income individuals own a home. How to amend 2011 tax return turbotax If you qualify, you can take the credit each year for part of the home mortgage interest you pay. How to amend 2011 tax return turbotax Who qualifies. How to amend 2011 tax return turbotax   You may be eligible for the credit if you were issued a qualified mortgage credit certificate (MCC) from your state or local government. How to amend 2011 tax return turbotax Generally, an MCC is issued only in connection with a new mortgage for the purchase of your main home. How to amend 2011 tax return turbotax Amount of credit. How to amend 2011 tax return turbotax   Figure your credit on Form 8396. How to amend 2011 tax return turbotax If your mortgage loan amount is equal to (or smaller than) the certified indebtedness (loan) amount shown on your MCC, enter on Form 8396, line 1, all the interest you paid on your mortgage during the year. How to amend 2011 tax return turbotax   If your mortgage loan amount is larger than the certified indebtedness amount shown on your MCC, you can figure the credit on only part of the interest you paid. How to amend 2011 tax return turbotax To find the amount to enter on line 1, multiply the total interest you paid during the year on your mortgage by the following fraction. How to amend 2011 tax return turbotax      Certified indebtedness amount on your MCC     Original amount of your mortgage   Limit based on credit rate. How to amend 2011 tax return turbotax   If the certificate credit rate is more than 20%, the credit you are allowed cannot be more than $2,000. How to amend 2011 tax return turbotax If two or more persons (other than a married couple filing a joint return) hold an interest in the home to which the MCC relates, this $2,000 limit must be divided based on the interest held by each person. How to amend 2011 tax return turbotax See Publication 530 for more information. How to amend 2011 tax return turbotax Carryforward. How to amend 2011 tax return turbotax   Your credit (after applying the limit based on the credit rate) is also subject to a limit based on your tax that is figured using Form 8396. How to amend 2011 tax return turbotax If your allowable credit is reduced because of this tax liability limit, you can carry forward the unused portion of the credit to the next 3 years or until used, whichever comes first. How to amend 2011 tax return turbotax   If you are subject to the $2,000 limit because your certificate credit rate is more than 20%, you cannot carry forward any amount more than $2,000 (or your share of the $2,000 if you must divide the credit). How to amend 2011 tax return turbotax How to take the credit. How to amend 2011 tax return turbotax    Figure your 2013 credit and any carryforward to 2014 on Form 8396, and attach it to your Form 1040. How to amend 2011 tax return turbotax Be sure to include any credit carryforward from 2010, 2011, and 2012. How to amend 2011 tax return turbotax   Include the credit in your total for Form 1040, line 53. How to amend 2011 tax return turbotax Check box c and enter “8396” on the line next to that box. How to amend 2011 tax return turbotax Reduced home mortgage interest deduction. How to amend 2011 tax return turbotax   If you itemize your deductions on Schedule A (Form 1040), you must reduce your home mortgage interest deduction by the amount of the mortgage interest credit shown on Form 8396, line 3. How to amend 2011 tax return turbotax You must do this even if part of that amount is to be carried forward to 2014. How to amend 2011 tax return turbotax For more information about the home mortgage interest deduction, see chapter 23. How to amend 2011 tax return turbotax Recapture of federal mortgage subsidy. How to amend 2011 tax return turbotax   If you received an MCC with your mortgage loan, you may have to recapture (pay back) all or part of the benefit you received from that program. How to amend 2011 tax return turbotax The recapture may be required if you sell or dispose of your home at a gain during the first 9 years after the date you closed your mortgage loan. How to amend 2011 tax return turbotax See the Instructions for Form 8828 and chapter 15 for more information. How to amend 2011 tax return turbotax More information. How to amend 2011 tax return turbotax   For more information on the credit, see the Form 8396 instructions. How to amend 2011 tax return turbotax Nonrefundable Credit for Prior Year Minimum Tax The tax laws give special treatment to some kinds of income and allow special deductions and credits for some kinds of expenses. How to amend 2011 tax return turbotax If you benefit from these laws, you may have to pay at least a minimum amount of tax in addition to any other tax on these items. How to amend 2011 tax return turbotax This is called the alternative minimum tax. How to amend 2011 tax return turbotax The special treatment of some items of income and expenses only allows you to postpone paying tax until a later year. How to amend 2011 tax return turbotax If in prior years you paid alternative minimum tax because of these tax postponement items, you may be able to take a credit for prior year minimum tax against your current year's regular tax. How to amend 2011 tax return turbotax You may be able to take a credit against your regular tax if for 2012 you had: An alternative minimum tax liability and adjustments or preferences other than exclusion items, A minimum tax credit that you are carrying forward to 2013, or An unallowed qualified electric vehicle credit. How to amend 2011 tax return turbotax How to take the credit. How to amend 2011 tax return turbotax    Figure your 2013 nonrefundable credit (if any), and any carryforward to 2014 on Form 8801, and attach it to your Form 1040. How to amend 2011 tax return turbotax Include the credit in your total for Form 1040, line 53, and check box b. How to amend 2011 tax return turbotax You can carry forward any unused credit for prior year minimum tax to later years until it is completely used. How to amend 2011 tax return turbotax More information. How to amend 2011 tax return turbotax   For more information on the credit, see the Instructions for Form 8801. How to amend 2011 tax return turbotax Plug-in Electric Drive Motor Vehicle Credit You may be able to take this credit if you placed in service for business or personal use a qualified plug-in electric drive motor vehicle or a qualified two- or three-wheeled plug-in electric vehicle in 2013 and you meet some other requirements. How to amend 2011 tax return turbotax Qualified plug-in electric drive motor vehicle. How to amend 2011 tax return turbotax   This is a new vehicle with at least four wheels that: Is propelled to a significant extent by an electric motor that draws electricity from a battery that has a capacity of not less than 4 kilowatt hours and is capable of being recharged from an external source of electricity, and Has a gross vehicle weight of less than 14,000 pounds. How to amend 2011 tax return turbotax Qualified two- or three-wheeled plug-in electric vehicle. How to amend 2011 tax return turbotax   This is a new vehicle with two or three wheels that: Is capable of achieving a speed of 45 miles per hour or greater, Is propelled to a significant extent by an electric motor that draws electricity from a battery that has a capacity of not less than 2. How to amend 2011 tax return turbotax 5 kilowatt hours and is capable of being recharged from an external source of electricity, and Has a gross vehicle weight of less than 14,000 pounds. How to amend 2011 tax return turbotax Certification and other requirements. How to amend 2011 tax return turbotax   Generally, you can rely on the manufacturer's (or, in the case of a foreign manufacturer, its domestic distributor's) certification to the IRS that a specific make, model, and model year vehicle qualifies for the credit and, if applicable, the amount of the credit for which it qualifies. How to amend 2011 tax return turbotax However, if the IRS publishes an announcement that the certification for any specific make, model, and model year vehicle has been withdrawn, you cannot rely on the certification for such a vehicle purchased after the date of publication of the withdrawal announcement. How to amend 2011 tax return turbotax   The following requirements must also be met to qualify for the credit. How to amend 2011 tax return turbotax You are the owner of the vehicle. How to amend 2011 tax return turbotax If the vehicle is leased, only the lessor, and not the lessee, is entitled to the credit. How to amend 2011 tax return turbotax You placed the vehicle in service during 2013. How to amend 2011 tax return turbotax The vehicle is manufactured primarily for use on public streets, roads, and highways. How to amend 2011 tax return turbotax The original use of the vehicle began with you. How to amend 2011 tax return turbotax You acquired the vehicle for your use or to lease to others, and not for resale. How to amend 2011 tax return turbotax In the case of the qualified two- or three-wheeled plug-in electric vehicle, the vehicle is acquired after 2011 and before 2014. How to amend 2011 tax return turbotax You use the vehicle primarily in the United States. How to amend 2011 tax return turbotax How to take the credit. How to amend 2011 tax return turbotax   To take the credit, you must complete Form 8936 and attach it to your Form 1040. How to amend 2011 tax return turbotax Include the credit in your total for Form 1040, line 53. How to amend 2011 tax return turbotax Check box c and enter “8936” on the line next to that box. How to amend 2011 tax return turbotax More information. How to amend 2011 tax return turbotax   For more information on the credit, see the Form 8936 instructions. How to amend 2011 tax return turbotax Residential Energy Credits You may be able to take one or both of the following credits if you made energy saving improvements to your home located in the United States in 2013. How to amend 2011 tax return turbotax Nonbusiness energy property credit. How to amend 2011 tax return turbotax Residential energy efficient property credit. How to amend 2011 tax return turbotax If you are a member of a condominium management association for a condominium you own or a tenant-stockholder in a cooperative housing corporation, you are treated as having paid your proportionate share of any costs of the association or corporation for purposes of these credits. How to amend 2011 tax return turbotax Nonbusiness energy property credit. How to amend 2011 tax return turbotax   You may be able to take a credit equal to the sum of: 10% of the amount paid or incurred for qualified energy efficiency improvements installed during 2013, and Any residential energy property costs paid or incurred in 2013. How to amend 2011 tax return turbotax   There is a lifetime limit of $500 for all years after 2005, of which only $200 can be for windows; $50 for any advanced main air circulating fan; $150 for any qualified natural gas, propane, or oil furnace or hot water boiler; and $300 for any item of energy efficient building property. How to amend 2011 tax return turbotax    If the total of nonbusiness energy property credits you have taken in previous years (after 2005) is more than $500, you cannot take this credit in 2013. How to amend 2011 tax return turbotax   Qualified energy efficiency improvements are the following improvements that are new, can be expected to remain in use at least 5 years, and meet certain requirements for energy efficiency. How to amend 2011 tax return turbotax Any insulation material or system that is specifically and primarily designed to reduce heat loss or gain of a home. How to amend 2011 tax return turbotax Exterior window (including skylights). How to amend 2011 tax return turbotax Exterior doors. How to amend 2011 tax return turbotax Any metal or asphalt roof that has appropriate pigmented coatings or cooling granules specifically and primarily designed to reduce heat gain of the home. How to amend 2011 tax return turbotax   Residential energy property is any of the following. How to amend 2011 tax return turbotax Certain electric heat pump water heaters; electric heat pumps; central air conditioners; natural gas, propane, or oil water heater; and stoves that use biomass fuel. How to amend 2011 tax return turbotax Qualified natural gas, propane, or oil furnaces; and qualified natural gas, propane, or oil hot water boilers. How to amend 2011 tax return turbotax Certain advanced main air circulating fans used in natural gas, propane, or oil furnaces. How to amend 2011 tax return turbotax Residential energy efficient property credit. How to amend 2011 tax return turbotax   You may be able to take a credit of 30% of your costs of qualified solar electric property, solar water heating property, fuel cell property, small wind energy property, and geothermal heat pump property. How to amend 2011 tax return turbotax The credit amount for costs paid for qualified fuel cell property is limited to $500 for each one-half kilowatt of capacity of the property. How to amend 2011 tax return turbotax Basis reduction. How to amend 2011 tax return turbotax   You must reduce the basis of your home by the amount of any credit allowed. How to amend 2011 tax return turbotax How to take the credit. How to amend 2011 tax return turbotax   Complete Form 5695 and attach it to your Form 1040. How to amend 2011 tax return turbotax Enter the credit on Form 1040, line 52. How to amend 2011 tax return turbotax More information. How to amend 2011 tax return turbotax   For more information on these credits, see the Form 5695 instructions. How to amend 2011 tax return turbotax Retirement Savings Contributions Credit (Saver's Credit) You may be able to take this credit if you, or your spouse if filing jointly, made: Contributions (other than rollover contributions) to a traditional or Roth IRA, Elective deferrals to a 401(k) or 403(b) plan (including designated Roth contributions) or to a governmental 457, SEP, or SIMPLE plan, Voluntary employee contributions to a qualified retirement plan (including the federal Thrift Savings Plan), or Contributions to a 501(c)(18)(D) plan. How to amend 2011 tax return turbotax However, you cannot take the credit if either of the following applies. How to amend 2011 tax return turbotax The amount on Form 1040, line 38, or Form 1040A, line 22, is more than $29,500 ($44,250 if head of household; $59,000 if married filing jointly). How to amend 2011 tax return turbotax The person(s) who made the qualified contribution or elective deferral (a) was born after January 1, 1996, (b) is claimed as a dependent on someone else's 2013 tax return, or (c) was a student (defined next). How to amend 2011 tax return turbotax Student. How to amend 2011 tax return turbotax   You were a student if during any part of 5 calendar months of 2013 you: Were enrolled as a full-time student at a school, or Took a full-time, on-farm training course given by a school or a state, county, or local government agency. How to amend 2011 tax return turbotax School. How to amend 2011 tax return turbotax   A school includes a technical, trade, or mechanical school. How to amend 2011 tax return turbotax It does not include an on-the-job training course, correspondence school, or school offering courses only through the Internet. How to amend 2011 tax return turbotax How to take the credit. How to amend 2011 tax return turbotax   Figure the credit on Form 8880. How to amend 2011 tax return turbotax Enter the credit on your Form 1040, line 50, or your Form 1040A, line 32, and attach Form 8880 to your return. How to amend 2011 tax return turbotax More information. How to amend 2011 tax return turbotax   For more information on the credit, see the Form 8880 instructions. How to amend 2011 tax return turbotax Refundable Credits The credits discussed in this part of the chapter are treated as payments of tax. How to amend 2011 tax return turbotax If the total of these credits, withheld federal income tax, and estimated tax payments is more than your total tax, the excess can be refunded to you. How to amend 2011 tax return turbotax Credit for Tax on Undistributed Capital Gain You must include in your income any amounts that regulated investment companies (commonly called mutual funds) or real estate investment trusts (REITs) allocated to you as capital gain distributions, even if you did not actually receive them. How to amend 2011 tax return turbotax If the mutual fund or REIT paid a tax on the capital gain, you are allowed a credit for the tax since it is considered paid by you. How to amend 2011 tax return turbotax The mutual fund or REIT will send you Form 2439 showing your share of the undistributed capital gains and the tax paid, if any. How to amend 2011 tax return turbotax How to take the credit. How to amend 2011 tax return turbotax   To take the credit, attach Copy B of Form 2439 to your Form 1040. How to amend 2011 tax return turbotax Include the amount from box 2 of your Form 2439 in the total for Form 1040, line 71, and check box a. How to amend 2011 tax return turbotax More information. How to amend 2011 tax return turbotax   See Capital Gain Distributions in chapter 8 for more information on undistributed capital gains. How to amend 2011 tax return turbotax Health Coverage Tax Credit You may be able to take this credit for any month in which all the following statements were true on the first day of the month. How to amend 2011 tax return turbotax You were an eligible trade adjustment assistance (TAA) recipient, alternative TAA (ATAA) recipient, reemployment TAA (RTAA) recipient, or Pension Benefit Guaranty Corporation (PBGC) pension recipient (defined later); or you were a qualified family member of one of these individuals when the individual died or you finalized a divorce with one of these individuals. How to amend 2011 tax return turbotax You and/or your family members were covered by a qualified health insurance plan for which you paid the entire premiums, or your portion of the premiums, directly to your health plan or to “U. How to amend 2011 tax return turbotax S. How to amend 2011 tax return turbotax Treasury–HCTC. How to amend 2011 tax return turbotax ” You were not enrolled in Medicare Part A, B, or C, or you were enrolled in Medicare but your family member(s) qualified for the HCTC. How to amend 2011 tax return turbotax You were not enrolled in Medicaid or the Children's Health Insurance Program (CHIP). How to amend 2011 tax return turbotax You were not enrolled in the Federal Employees Health Benefits program (FEHBP) or eligible to receive benefits under the U. How to amend 2011 tax return turbotax S. How to amend 2011 tax return turbotax military health system (TRICARE). How to amend 2011 tax return turbotax You were not imprisoned under federal, state, or local authority. How to amend 2011 tax return turbotax Your employer did not pay 50% or more of the cost of coverage. How to amend 2011 tax return turbotax You did not receive a 65% COBRA premium reduction from your former employer or COBRA administrator. How to amend 2011 tax return turbotax But, you cannot take the credit if you can be claimed as a dependent on someone else's 2013 tax return. How to amend 2011 tax return turbotax If you meet all of these conditions, you may be able to take a credit of up to 72. How to amend 2011 tax return turbotax 5% of the amount you paid directly to a qualified health plan for you and any qualifying family members. How to amend 2011 tax return turbotax You cannot take the credit for insurance premiums on coverage that was actually paid for with a National Emergency Grant. How to amend 2011 tax return turbotax The amount you paid for qualified health insurance coverage must be reduced by any Archer MSA and health savings account distributions used to pay for the coverage. How to amend 2011 tax return turbotax You can take this credit on your tax return or have it paid on your behalf in advance to your insurance company. How to amend 2011 tax return turbotax If the credit is paid on your behalf in advance, that amount will reduce the amount of the credit you can take on your tax return. How to amend 2011 tax return turbotax TAA recipient. How to amend 2011 tax return turbotax   You were an eligible TAA recipient on the first day of the month if, for any day in that month or the prior month, you: Received a trade readjustment allowance, or Would have been entitled to receive such an allowance except that you had not exhausted all rights to any unemployment insurance (except additional compensation that is funded by a state and is not reimbursed from any federal funds) to which you were entitled (or would be entitled if you applied). How to amend 2011 tax return turbotax Example. How to amend 2011 tax return turbotax You received a trade adjustment allowance for January 2013. How to amend 2011 tax return turbotax You were an eligible TAA recipient on the first day of January and February. How to amend 2011 tax return turbotax Alternative TAA recipient. How to amend 2011 tax return turbotax   You were an eligible alternative TAA recipient on the first day of the month if, for that month or the prior month, you received benefits under an alternative trade adjustment assistance program for older workers established by the Department of Labor. How to amend 2011 tax return turbotax Example. How to amend 2011 tax return turbotax You received benefits under an alternative trade adjustment assistance program for older workers for October 2013. How to amend 2011 tax return turbotax The program was established by the Department of Labor. How to amend 2011 tax return turbotax You were an eligible alternative TAA recipient on the first day of October and November. How to amend 2011 tax return turbotax RTAA recipient. How to amend 2011 tax return turbotax   You were an eligible RTAA recipient on the first day of the month if, for that month or the prior month, you received benefits under a reemployment trade adjustment assistance program for older workers established by the Department of Labor. How to amend 2011 tax return turbotax PBGC pension recipient. How to amend 2011 tax return turbotax   You were an eligible PBGC pension recipient on the first day of the month, if both of the following apply. How to amend 2011 tax return turbotax You were age 55 or older on the first day of the month. How to amend 2011 tax return turbotax You received a benefit for that month paid by the PBGC under title IV of the Employee Retirement Income Security Act of 1974 (ERISA). How to amend 2011 tax return turbotax If you received a lump-sum payment from the PBGC after August 5, 2002, you meet item (2) above for any month that you would have received a PBGC benefit if you had not received the lump-sum payment. How to amend 2011 tax return turbotax How to take the credit. How to amend 2011 tax return turbotax   To take the credit, complete Form 8885 and attach it to your Form 1040. How to amend 2011 tax return turbotax Include your credit in the total for Form 1040, line 71, and check box c. How to amend 2011 tax return turbotax   You must attach health insurance bills (or COBRA payment coupons) and proof of payment for any amounts you include on Form 8885, line 2. How to amend 2011 tax return turbotax For details, see Publication 502 or Form 8885. How to amend 2011 tax return turbotax More information. How to amend 2011 tax return turbotax   For definitions and special rules, including those relating to qualified health insurance plans, qualifying family members, the effect of certain life events, and employer-sponsored health insurance plans, see Publication 502 and the Form 8885 instructions. How to amend 2011 tax return turbotax Credit for Excess Social Security Tax or Railroad Retirement Tax Withheld Most employers must withhold social security tax from your wages. How to amend 2011 tax return turbotax If you work for a railroad employer, that employer must withhold tier 1 railroad retirement (RRTA) tax and tier 2 RRTA tax. How to amend 2011 tax return turbotax If you worked for two or more employers in 2013, you may have had too much social security tax withheld from your pay. How to amend 2011 tax return turbotax If one or more of those employers was a railroad employer, too much tier 1 RRTA tax may also have been withheld at the 6. How to amend 2011 tax return turbotax 2% rate. How to amend 2011 tax return turbotax You can claim the excess social security or tier 1 RRTA tax as a credit against your income tax when you file your return. How to amend 2011 tax return turbotax For the tier 1 RRTA tax, only use the portion of the tier 1 RRTA tax that was taxed at the 6. How to amend 2011 tax return turbotax 2% rate when figuring if excess tier 1 RRTA tax was withheld; do not include any portion of the tier 1 RRTA tax that was withheld at the Medicare tax rate (1. How to amend 2011 tax return turbotax 45%) or the Additional Medicare Tax rate (. How to amend 2011 tax return turbotax 9%). How to amend 2011 tax return turbotax The following table shows the maximum amount of wages subject to tax and the maximum amount of tax that should have been withheld for 2013. How to amend 2011 tax return turbotax Type of tax Maximum  wages subject to tax Maximum tax that should have been withheld Social security or RRTA tier 1 $113,700 $7,049. How to amend 2011 tax return turbotax 40 RRTA tier 2 $84,300 $3,709. How to amend 2011 tax return turbotax 20 All wages are subject to Medicare tax withholding. How to amend 2011 tax return turbotax   Use Form 843, Claim for Refund and Request for Abatement, to claim a refund of excess tier 2 RRTA tax. How to amend 2011 tax return turbotax Be sure to attach a copy of all of your W-2 forms. How to amend 2011 tax return turbotax Use Worksheet 3-3 in Publication 505, Tax Withholding and Estimated Tax, to help you figure the excess amount. How to amend 2011 tax return turbotax Employer's error. How to amend 2011 tax return turbotax   If any one employer withheld too much social security or tier 1 RRTA tax, you cannot take the excess as a credit against your income tax. How to amend 2011 tax return turbotax The employer should adjust the tax for you. How to amend 2011 tax return turbotax If the employer does not adjust the overcollection, you can file a claim for refund using Form 843. How to amend 2011 tax return turbotax Joint return. How to amend 2011 tax return turbotax   If you are filing a joint return, you cannot add the social security or tier 1 RRTA tax withheld from your spouse's wages to the amount withheld from your wages. How to amend 2011 tax return turbotax Figure the withholding separately for you and your spouse to determine if either of you has excess withholding. How to amend 2011 tax return turbotax How to figure the credit if you did not work for a railroad. How to amend 2011 tax return turbotax   If you did not work for a railroad during 2013, figure the credit as follows: 1. How to amend 2011 tax return turbotax Add all social security tax withheld (but not more than $7,049. How to amend 2011 tax return turbotax 40 for each employer). How to amend 2011 tax return turbotax Enter the total here   2. How to amend 2011 tax return turbotax Enter any uncollected social security tax on tips or group-term life insurance included in the total on Form 1040, line 60, identified by “UT”   3. How to amend 2011 tax return turbotax Add lines 1 and 2. How to amend 2011 tax return turbotax If $7,049. How to amend 2011 tax return turbotax 40 or less, stop here. How to amend 2011 tax return turbotax You cannot take  the credit   4. How to amend 2011 tax return turbotax Social security tax limit 7,049. How to amend 2011 tax return turbotax 40 5. How to amend 2011 tax return turbotax Credit. How to amend 2011 tax return turbotax Subtract line 4 from line 3. How to amend 2011 tax return turbotax Enter the result here and on Form 1040, line 69 (or Form 1040A, line 41) $ Example. How to amend 2011 tax return turbotax You are married and file a joint return with your spouse who had no gross income in 2013. How to amend 2011 tax return turbotax During 2013, you worked for the Brown Technology Company and earned $60,000 in wages. How to amend 2011 tax return turbotax Social security tax of $3,720 was withheld. How to amend 2011 tax return turbotax You also worked for another employer in 2013 and earned $55,000 in wages. How to amend 2011 tax return turbotax $3,410 of social security tax was withheld from these wages. How to amend 2011 tax return turbotax Because you worked for more than one employer and your total wages were more than $113,700, you can take a credit of $80. How to amend 2011 tax return turbotax 60 for the excess social security tax withheld. How to amend 2011 tax return turbotax 1. How to amend 2011 tax return turbotax Add all social security tax withheld (but not more than $7,049. How to amend 2011 tax return turbotax 40 for each employer). How to amend 2011 tax return turbotax Enter the total here $7,130. How to amend 2011 tax return turbotax 00 2. How to amend 2011 tax return turbotax Enter any uncollected social security tax on tips or group-term life insurance included in the total on Form 1040, line 60, identified by “UT” -0- 3. How to amend 2011 tax return turbotax Add lines 1 and 2. How to amend 2011 tax return turbotax If $7,049. How to amend 2011 tax return turbotax 40 or less, stop here. How to amend 2011 tax return turbotax You cannot take the credit 7,130. How to amend 2011 tax return turbotax 00 4. How to amend 2011 tax return turbotax Social security tax limit 7,049. How to amend 2011 tax return turbotax 40 5. How to amend 2011 tax return turbotax Credit. How to amend 2011 tax return turbotax Subtract line 4 from line 3. How to amend 2011 tax return turbotax Enter the result here and on Form 1040, line 69 (or Form 1040A, line 41) $80. How to amend 2011 tax return turbotax 60 How to figure the credit if you worked for a railroad. How to amend 2011 tax return turbotax   If you were a railroad employee at any time during 2013, figure the credit as follows: 1. How to amend 2011 tax return turbotax Add all social security and tier 1 RRTA tax withheld at the 6. How to amend 2011 tax return turbotax 2% rate (but not more than $7,049. How to amend 2011 tax return turbotax 40 for each employer). How to amend 2011 tax return turbotax Enter the total here   2. How to amend 2011 tax return turbotax Enter any uncollected social security and tier 1 RRTA tax on tips or group-term life insurance included in the total on Form 1040, line 60, identified by “UT”   3. How to amend 2011 tax return turbotax Add lines 1 and 2. How to amend 2011 tax return turbotax If $7,049. How to amend 2011 tax return turbotax 40 or less, stop here. How to amend 2011 tax return turbotax You cannot take  the credit   4. How to amend 2011 tax return turbotax Social security and tier 1 RRTA  tax limit 7,049. How to amend 2011 tax return turbotax 40 5. How to amend 2011 tax return turbotax Credit. How to amend 2011 tax return turbotax Subtract line 4 from line 3. How to amend 2011 tax return turbotax Enter the result here and on Form 1040, line 69 (or Form 1040A, line 41) $ How to take the credit. How to amend 2011 tax return turbotax   Enter the credit on Form 1040, line 69, or include it in the total for Form 1040A, line 41. How to amend 2011 tax return turbotax More information. How to amend 2011 tax return turbotax   For more information on the credit, see Publication 505. How to amend 2011 tax return turbotax Prev  Up  Next   Home   More Online Publications
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The How To Amend 2011 Tax Return Turbotax

How to amend 2011 tax return turbotax 5. How to amend 2011 tax return turbotax   Taxes Table of Contents What's New Introduction Topics - This chapter discusses: Useful Items - You may want to see: When To Deduct Taxes Real Estate TaxesSeparate elections. How to amend 2011 tax return turbotax Making the election. How to amend 2011 tax return turbotax Form 3115. How to amend 2011 tax return turbotax Income TaxesAccrual of contested income taxes. How to amend 2011 tax return turbotax Employment Taxes Other TaxesAdditional Medicare Tax. How to amend 2011 tax return turbotax What's New Additional Medicare Tax. How to amend 2011 tax return turbotax  Beginning in 2013, you must withhold a 0. How to amend 2011 tax return turbotax 9% Additional Medicare Tax from wages you pay to an employee in excess of $200,000 in a calendar year. How to amend 2011 tax return turbotax Also, self-employed individuals may be required to pay Additional Medicare Tax on self-employment income. How to amend 2011 tax return turbotax See Employment Taxes , and Self-employment tax , later. How to amend 2011 tax return turbotax Introduction You can deduct various federal, state, local, and foreign taxes directly attributable to your trade or business as business expenses. How to amend 2011 tax return turbotax You cannot deduct federal income taxes, estate and gift taxes, or state inheritance, legacy, and succession taxes. How to amend 2011 tax return turbotax Topics - This chapter discusses: When to deduct taxes Real estate taxes Income taxes Employment taxes Other taxes Useful Items - You may want to see: Publication 15 (Circular E), Employer's Tax Guide 334 Tax Guide for Small Business 510 Excise Taxes 538 Accounting Periods and Methods 551 Basis of Assets Form (and Instructions) Sch A (Form 1040) Itemized Deductions Sch SE (Form 1040) Self-Employment Tax 3115 Application for Change in Accounting Method 8959 Additional Medicare Tax See chapter 12 for information about getting publications and forms. How to amend 2011 tax return turbotax When To Deduct Taxes Generally, you can only deduct taxes in the year you pay them. How to amend 2011 tax return turbotax This applies whether you use the cash method or an accrual method of accounting. How to amend 2011 tax return turbotax Under an accrual method, you can deduct a tax before you pay it if you meet the exception for recurring items discussed under Economic Performance in Publication 538. How to amend 2011 tax return turbotax You can also elect to ratably accrue real estate taxes as discussed later under Real Estate Taxes . How to amend 2011 tax return turbotax Limit on accrual of taxes. How to amend 2011 tax return turbotax   A taxing jurisdiction can require the use of a date for accruing taxes that is earlier than the date it originally required. How to amend 2011 tax return turbotax However, if you use an accrual method, and can deduct the tax before you pay it, use the original accrual date for the year of change and all future years to determine when you can deduct the tax. How to amend 2011 tax return turbotax Example. How to amend 2011 tax return turbotax Your state imposes a tax on personal property used in a trade or business conducted in the state. How to amend 2011 tax return turbotax This tax is assessed and becomes a lien as of July 1 (accrual date). How to amend 2011 tax return turbotax In 2013, the state changed the assessment and lien dates from July 1, 2014, to December 31, 2013, for property tax year 2014. How to amend 2011 tax return turbotax Use the original accrual date (July 1, 2014) to determine when you can deduct the tax. How to amend 2011 tax return turbotax You must also use the July 1 accrual date for all future years to determine when you can deduct the tax. How to amend 2011 tax return turbotax Uniform capitalization rules. How to amend 2011 tax return turbotax   Uniform capitalization rules apply to certain taxpayers who produce real property or tangible personal property for use in a trade or business or for sale to customers. How to amend 2011 tax return turbotax They also apply to certain taxpayers who acquire property for resale. How to amend 2011 tax return turbotax Under these rules, you either include certain costs in inventory or capitalize certain expenses related to the property, such as taxes. How to amend 2011 tax return turbotax For more information, see chapter 1. How to amend 2011 tax return turbotax Carrying charges. How to amend 2011 tax return turbotax   Carrying charges include taxes you pay to carry or develop real estate or to carry, transport, or install personal property. How to amend 2011 tax return turbotax You can elect to capitalize carrying charges not subject to the uniform capitalization rules if they are otherwise deductible. How to amend 2011 tax return turbotax For more information, see chapter 7. How to amend 2011 tax return turbotax Refunds of taxes. How to amend 2011 tax return turbotax   If you receive a refund for any taxes you deducted in an earlier year, include the refund in income to the extent the deduction reduced your federal income tax in the earlier year. How to amend 2011 tax return turbotax For more information, see Recovery of amount deducted (tax benefit rule) in chapter 1. How to amend 2011 tax return turbotax    You must include in income any interest you receive on tax refunds. How to amend 2011 tax return turbotax Real Estate Taxes Deductible real estate taxes are any state, local, or foreign taxes on real estate levied for the general public welfare. How to amend 2011 tax return turbotax The taxing authority must base the taxes on the assessed value of the real estate and charge them uniformly against all property under its jurisdiction. How to amend 2011 tax return turbotax Deductible real estate taxes generally do not include taxes charged for local benefits and improvements that increase the value of the property. How to amend 2011 tax return turbotax See Taxes for local benefits , later. How to amend 2011 tax return turbotax If you use an accrual method, you generally cannot accrue real estate taxes until you pay them to the government authority. How to amend 2011 tax return turbotax However, you can elect to ratably accrue the taxes during the year. How to amend 2011 tax return turbotax See Electing to ratably accrue , later. How to amend 2011 tax return turbotax Taxes for local benefits. How to amend 2011 tax return turbotax   Generally, you cannot deduct taxes charged for local benefits and improvements that tend to increase the value of your property. How to amend 2011 tax return turbotax These include assessments for streets, sidewalks, water mains, sewer lines, and public parking facilities. How to amend 2011 tax return turbotax You should increase the basis of your property by the amount of the assessment. How to amend 2011 tax return turbotax   You can deduct taxes for these local benefits only if the taxes are for maintenance, repairs, or interest charges related to those benefits. How to amend 2011 tax return turbotax If part of the tax is for maintenance, repairs, or interest, you must be able to show how much of the tax is for these expenses to claim a deduction for that part of the tax. How to amend 2011 tax return turbotax Example. How to amend 2011 tax return turbotax To improve downtown commercial business, Waterfront City converted a downtown business area street into an enclosed pedestrian mall. How to amend 2011 tax return turbotax The city assessed the full cost of construction, financed with 10-year bonds, against the affected properties. How to amend 2011 tax return turbotax The city is paying the principal and interest with the annual payments made by the property owners. How to amend 2011 tax return turbotax The assessments for construction costs are not deductible as taxes or as business expenses, but are depreciable capital expenses. How to amend 2011 tax return turbotax The part of the payments used to pay the interest charges on the bonds is deductible as taxes. How to amend 2011 tax return turbotax Charges for services. How to amend 2011 tax return turbotax   Water bills, sewerage, and other service charges assessed against your business property are not real estate taxes, but are deductible as business expenses. How to amend 2011 tax return turbotax Purchase or sale of real estate. How to amend 2011 tax return turbotax   If real estate is sold, the real estate taxes must be allocated between the buyer and the seller. How to amend 2011 tax return turbotax   The buyer and seller must allocate the real estate taxes according to the number of days in the real property tax year (the period to which the tax imposed relates) that each owned the property. How to amend 2011 tax return turbotax Treat the seller as paying the taxes up to but not including the date of sale. How to amend 2011 tax return turbotax Treat the buyer as paying the taxes beginning with the date of sale. How to amend 2011 tax return turbotax You can usually find this information on the settlement statement you received at closing. How to amend 2011 tax return turbotax   If you (the seller) use an accrual method and have not elected to ratably accrue real estate taxes, you are considered to have accrued your part of the tax on the date you sell the property. How to amend 2011 tax return turbotax Example. How to amend 2011 tax return turbotax Alberto Verde, a calendar year accrual method taxpayer, owns real estate in Olmo County. How to amend 2011 tax return turbotax He has not elected to ratably accrue property taxes. How to amend 2011 tax return turbotax November 30 of each year is the assessment and lien date for the current real property tax year, which is the calendar year. How to amend 2011 tax return turbotax He sold the property on June 30, 2013. How to amend 2011 tax return turbotax Under his accounting method he would not be able to claim a deduction for the taxes because the sale occurred before November 30. How to amend 2011 tax return turbotax He is treated as having accrued his part of the tax, 181/366  (January 1–June 29), on June 30, and he can deduct it for 2013. How to amend 2011 tax return turbotax Electing to ratably accrue. How to amend 2011 tax return turbotax   If you use an accrual method, you can elect to accrue real estate tax related to a definite period ratably over that period. How to amend 2011 tax return turbotax Example. How to amend 2011 tax return turbotax Juan Sanchez is a calendar year taxpayer who uses an accrual method. How to amend 2011 tax return turbotax His real estate taxes for the real property tax year, July 1, 2013, to June 30, 2014, are $1,200. How to amend 2011 tax return turbotax July 1 is the assessment and lien date. How to amend 2011 tax return turbotax If Juan elects to ratably accrue the taxes, $600 will accrue in 2013 ($1,200 × 6/12, July 1–December 31) and the balance will accrue in 2014. How to amend 2011 tax return turbotax Separate elections. How to amend 2011 tax return turbotax   You can elect to ratably accrue the taxes for each separate trade or business and for nonbusiness activities if you account for them separately. How to amend 2011 tax return turbotax Once you elect to ratably accrue real estate taxes, you must use that method unless you get permission from the IRS to change. How to amend 2011 tax return turbotax See Form 3115 , later. How to amend 2011 tax return turbotax Making the election. How to amend 2011 tax return turbotax   If you elect to ratably accrue the taxes for the first year in which you incur real estate taxes, attach a statement to your income tax return for that year. How to amend 2011 tax return turbotax The statement should show all the following items. How to amend 2011 tax return turbotax The trades or businesses to which the election applies and the accounting method or methods used. How to amend 2011 tax return turbotax The period to which the taxes relate. How to amend 2011 tax return turbotax The computation of the real estate tax deduction for that first year. How to amend 2011 tax return turbotax   Generally, you must file your return by the due date (including extensions). How to amend 2011 tax return turbotax However, if you timely filed your return for the year without electing to ratably accrue, you can still make the election by filing an amended return within 6 months after the due date of the return (excluding extensions). How to amend 2011 tax return turbotax Attach the statement to the amended return and write “Filed pursuant to section 301. How to amend 2011 tax return turbotax 9100-2” on the statement. How to amend 2011 tax return turbotax File the amended return at the same address where you filed the original return. How to amend 2011 tax return turbotax Form 3115. How to amend 2011 tax return turbotax    If you elect to ratably accrue real estate taxes for a year after the first year in which you incur real estate taxes, or if you want to revoke your election to ratably accrue real estate taxes, file Form 3115. How to amend 2011 tax return turbotax For more information, including applicable time frames for filing, see the Instructions for Form 3115. How to amend 2011 tax return turbotax Note. How to amend 2011 tax return turbotax If you are filing an application for a change in accounting method filed after January 9, 2011, for a year of change ending after April 29, 2010, see Revenue Procedure 2011-14, 2011-4 I. How to amend 2011 tax return turbotax R. How to amend 2011 tax return turbotax B. How to amend 2011 tax return turbotax 330, as modified and clarified by Revenue Procedure 2012-19, 2012-14 I. How to amend 2011 tax return turbotax R. How to amend 2011 tax return turbotax B. How to amend 2011 tax return turbotax 689, and Revenue Procedure 2012-20, 2012-14 I. How to amend 2011 tax return turbotax R. How to amend 2011 tax return turbotax B. How to amend 2011 tax return turbotax 700, or any successor. How to amend 2011 tax return turbotax Revenue Procedure 2011-14 is available at  www. How to amend 2011 tax return turbotax irs. How to amend 2011 tax return turbotax gov/irb/2011-04IRB/ar08. How to amend 2011 tax return turbotax html. How to amend 2011 tax return turbotax Income Taxes This section discusses federal, state, local, and foreign income taxes. How to amend 2011 tax return turbotax Federal income taxes. How to amend 2011 tax return turbotax   You cannot deduct federal income taxes. How to amend 2011 tax return turbotax State and local income taxes. How to amend 2011 tax return turbotax   A corporation or partnership can deduct state and local income taxes imposed on the corporation or partnership as business expenses. How to amend 2011 tax return turbotax An individual can deduct state and local income taxes only as an itemized deduction on Schedule A (Form 1040). How to amend 2011 tax return turbotax   However, an individual can deduct a state tax on gross income (as distinguished from net income) directly attributable to a trade or business as a business expense. How to amend 2011 tax return turbotax Accrual of contested income taxes. How to amend 2011 tax return turbotax   If you use an accrual method, and you contest a state or local income tax liability, you must accrue and deduct any contested amount in the tax year in which the liability is finally determined. How to amend 2011 tax return turbotax   If additional state or local income taxes for a prior year are assessed in a later year, you can deduct the taxes in the year in which they were originally imposed (the prior year) if the tax liability is not contested. How to amend 2011 tax return turbotax You cannot deduct them in the year in which the liability is finally determined. How to amend 2011 tax return turbotax    The filing of an income tax return is not considered a contest and, in the absence of an overt act of protest, you can deduct the tax in the prior year. How to amend 2011 tax return turbotax Also, you can deduct any additional taxes in the prior year if you do not show some affirmative evidence of denial of the liability. How to amend 2011 tax return turbotax   However, if you consistently deduct additional assessments in the year they are paid or finally determined (including those for which there was no contest), you must continue to do so. How to amend 2011 tax return turbotax You cannot take a deduction in the earlier year unless you receive permission to change your method of accounting. How to amend 2011 tax return turbotax For more information on accounting methods, see When Can I Deduct an Expense in chapter 1. How to amend 2011 tax return turbotax Foreign income taxes. How to amend 2011 tax return turbotax   Generally, you can take either a deduction or a credit for income taxes imposed on you by a foreign country or a U. How to amend 2011 tax return turbotax S. How to amend 2011 tax return turbotax possession. How to amend 2011 tax return turbotax However, an individual cannot take a deduction or credit for foreign income taxes paid on income that is exempt from U. How to amend 2011 tax return turbotax S. How to amend 2011 tax return turbotax tax under the foreign earned income exclusion or the foreign housing exclusion. How to amend 2011 tax return turbotax For information on these exclusions, see Publication 54, Tax Guide for U. How to amend 2011 tax return turbotax S. How to amend 2011 tax return turbotax Citizens and Resident Aliens Abroad. How to amend 2011 tax return turbotax For information on the foreign tax credit, see Publication 514, Foreign Tax Credit for Individuals. How to amend 2011 tax return turbotax Employment Taxes If you have employees, you must withhold various taxes from your employees' pay. How to amend 2011 tax return turbotax Most employers must withhold their employees' share of social security, Medicare taxes, and Additional Medicare Tax (if applicable) along with state and federal income taxes. How to amend 2011 tax return turbotax You may also need to pay certain employment taxes from your own funds. How to amend 2011 tax return turbotax These include your share of social security and Medicare taxes as an employer, along with unemployment taxes. How to amend 2011 tax return turbotax Note. How to amend 2011 tax return turbotax Additional Medicare Tax is only imposed on the employee. How to amend 2011 tax return turbotax There is no employer share of Additional Medicare Tax. How to amend 2011 tax return turbotax Your deduction for wages paid is not reduced by the social security and Medicare taxes, Additional Medicare Tax, and income taxes you withhold from your employees. How to amend 2011 tax return turbotax You can deduct the employment taxes you must pay from your own funds as taxes. How to amend 2011 tax return turbotax Example. How to amend 2011 tax return turbotax You pay your employee $18,000 a year. How to amend 2011 tax return turbotax However, after you withhold various taxes, your employee receives $14,500. How to amend 2011 tax return turbotax You also pay an additional $1,500 in employment taxes. How to amend 2011 tax return turbotax You should deduct the full $18,000 as wages. How to amend 2011 tax return turbotax You can deduct the $1,500 you pay from your own funds as taxes. How to amend 2011 tax return turbotax For more information on employment taxes, see Publication 15 (Circular E). How to amend 2011 tax return turbotax Unemployment fund taxes. How to amend 2011 tax return turbotax   As an employer, you may have to make payments to a state unemployment compensation fund or to a state disability benefit fund. How to amend 2011 tax return turbotax Deduct these payments as taxes. How to amend 2011 tax return turbotax Other Taxes The following are other taxes you can deduct if you incur them in the ordinary course of your trade or business. How to amend 2011 tax return turbotax Excise taxes. How to amend 2011 tax return turbotax   Generally, you can deduct as a business expense all excise taxes that are ordinary and necessary expenses of carrying on your trade or business. How to amend 2011 tax return turbotax However, see Fuel taxes , later. How to amend 2011 tax return turbotax   For more information on excise taxes, see Publication 510. How to amend 2011 tax return turbotax Franchise taxes. How to amend 2011 tax return turbotax   You can deduct corporate franchise taxes as a business expense. How to amend 2011 tax return turbotax Fuel taxes. How to amend 2011 tax return turbotax   Generally, taxes on gasoline, diesel fuel, and other motor fuels that you use in your business are included as part of the cost of the fuel. How to amend 2011 tax return turbotax Do not deduct these taxes as a separate item. How to amend 2011 tax return turbotax   You may be entitled to a credit or refund for federal excise tax you paid on fuels used for certain purposes. How to amend 2011 tax return turbotax For more information, see Publication 510. How to amend 2011 tax return turbotax Occupational taxes. How to amend 2011 tax return turbotax   You can deduct as a business expense an occupational tax charged at a flat rate by a locality for the privilege of working or conducting a business in the locality. How to amend 2011 tax return turbotax Personal property tax. How to amend 2011 tax return turbotax   You can deduct any tax imposed by a state or local government on personal property used in your trade or business. How to amend 2011 tax return turbotax Sales tax. How to amend 2011 tax return turbotax   Treat any sales tax you pay on a service or on the purchase or use of property as part of the cost of the service or property. How to amend 2011 tax return turbotax If the service or the cost or use of the property is a deductible business expense, you can deduct the tax as part of that service or cost. How to amend 2011 tax return turbotax If the property is merchandise bought for resale, the sales tax is part of the cost of the merchandise. How to amend 2011 tax return turbotax If the property is depreciable, add the sales tax to the basis for depreciation. How to amend 2011 tax return turbotax For more information on basis, see Publication 551. How to amend 2011 tax return turbotax    Do not deduct state and local sales taxes imposed on the buyer that you must collect and pay over to the state or local government. How to amend 2011 tax return turbotax Also, do not include these taxes in gross receipts or sales. How to amend 2011 tax return turbotax Self-employment tax. How to amend 2011 tax return turbotax   You can deduct part of your self-employment tax as a business expense in figuring your adjusted gross income. How to amend 2011 tax return turbotax This deduction only affects your income tax. How to amend 2011 tax return turbotax It does not affect your net earnings from self-employment or your self-employment tax. How to amend 2011 tax return turbotax   To deduct the tax, enter on Form 1040, line 27, the amount shown on the Deduction for one-half of self-employment tax line of Schedule SE (Form 1040). How to amend 2011 tax return turbotax   For more information on self-employment tax, see Publication 334. How to amend 2011 tax return turbotax Additional Medicare Tax. How to amend 2011 tax return turbotax   Beginning in 2013, you may be required to pay Additional Medicare Tax on self-employment income. How to amend 2011 tax return turbotax See Form 8959 and the Instructions for Form 8959 for more information on the Additional Medicare Tax. How to amend 2011 tax return turbotax Prev  Up  Next   Home   More Online Publications