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How To File A Late Tax Return 2012

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How To File A Late Tax Return 2012

How to file a late tax return 2012 8. How to file a late tax return 2012   Qualified Tuition Program (QTP) Table of Contents Introduction What Is a Qualified Tuition ProgramDesignated beneficiary. How to file a late tax return 2012 Half-time student. How to file a late tax return 2012 How Much Can You Contribute Are Distributions TaxableFiguring the Taxable Portion of a Distribution Additional Tax on Taxable Distributions Rollovers and Other TransfersRollovers Changing the Designated Beneficiary Introduction Qualified tuition programs (QTPs) are also called “529 plans. How to file a late tax return 2012 ” States may establish and maintain programs that allow you to either prepay or contribute to an account for paying a student's qualified education expenses at a postsecondary institution. How to file a late tax return 2012 Eligible educational institutions may establish and maintain programs that allow you to prepay a student's qualified education expenses. How to file a late tax return 2012 If you prepay tuition, the student (designated beneficiary) will be entitled to a waiver or a payment of qualified education expenses. How to file a late tax return 2012 You cannot deduct either payments or contributions to a QTP. How to file a late tax return 2012 For information on a specific QTP, you will need to contact the state agency or eligible educational institution that established and maintains it. How to file a late tax return 2012 What is the tax benefit of a QTP. How to file a late tax return 2012   No tax is due on a distribution from a QTP unless the amount distributed is greater than the beneficiary's adjusted qualified education expenses. How to file a late tax return 2012 See Are Distributions Taxable , later, for more information. How to file a late tax return 2012    Even if a QTP is used to finance a student's education, the student or the student's parents still may be eligible to claim the American opportunity credit or the lifetime learning credit. How to file a late tax return 2012 See Coordination With American Opportunity and Lifetime Learning Credits, later. How to file a late tax return 2012 What Is a Qualified Tuition Program A qualified tuition program is a program set up to allow you to either prepay, or contribute to an account established for paying, a student's qualified education expenses at an eligible educational institution. How to file a late tax return 2012 QTPs can be established and maintained by states (or agencies or instrumentalities of a state) and eligible educational institutions. How to file a late tax return 2012 The program must meet certain requirements. How to file a late tax return 2012 Your state government or the eligible educational institution in which you are interested can tell you whether or not they participate in a QTP. How to file a late tax return 2012 Qualified education expenses. How to file a late tax return 2012   These are expenses related to enrollment or attendance at an Eligible educational institution (defined later). How to file a late tax return 2012 As shown in the following list, to be qualified, some of the expenses must be required by the institution and some must be incurred by students who are enrolled at least half-time. How to file a late tax return 2012 See Half-time student , later. How to file a late tax return 2012 The following expenses must be required for enrollment or attendance of a Designated beneficiary (defined later) at an eligible educational institution. How to file a late tax return 2012 Tuition and fees. How to file a late tax return 2012 Books, supplies, and equipment. How to file a late tax return 2012 Expenses for special needs services needed by a special needs beneficiary must be incurred in connection with enrollment or attendance at an eligible educational institution. How to file a late tax return 2012 Expenses for room and board must be incurred by students who are enrolled at least half-time. How to file a late tax return 2012 The expense for room and board qualifies only to the extent that it is not more than the greater of the following two amounts. How to file a late tax return 2012 The allowance for room and board, as determined by the eligible educational institution, that was included in the cost of attendance (for federal financial aid purposes) for a particular academic period and living arrangement of the student. How to file a late tax return 2012 The actual amount charged if the student is residing in housing owned or operated by the eligible educational institution. How to file a late tax return 2012 You will need to contact the eligible educational institution for qualified room and board costs. How to file a late tax return 2012    For tax years after 2010, the purchase of computer technology or equipment is only a qualified education expense if the computer technology or equipment is required for enrollment or attendance at an eligible institution. How to file a late tax return 2012 Designated beneficiary. How to file a late tax return 2012   The designated beneficiary is generally the student (or future student) for whom the QTP is intended to provide benefits. How to file a late tax return 2012 The designated beneficiary can be changed after participation in the QTP begins. How to file a late tax return 2012 If a state or local government or certain tax-exempt organizations purchase an interest in a QTP as part of a scholarship program, the designated beneficiary is the person who receives the interest as a scholarship. How to file a late tax return 2012 Half-time student. How to file a late tax return 2012   A student is enrolled “at least half-time” if he or she is enrolled for at least half the full-time academic workload for the course of study the student is pursuing, as determined under the standards of the school where the student is enrolled. How to file a late tax return 2012 Eligible educational institution. How to file a late tax return 2012   For purposes of a QTP, this is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the U. How to file a late tax return 2012 S. How to file a late tax return 2012 Department of Education. How to file a late tax return 2012 It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. How to file a late tax return 2012 The educational institution should be able to tell you if it is an eligible educational institution. How to file a late tax return 2012   Certain educational institutions located outside the United States also participate in the U. How to file a late tax return 2012 S. How to file a late tax return 2012 Department of Education's Federal Student Aid (FSA) programs. How to file a late tax return 2012   How Much Can You Contribute Contributions to a QTP on behalf of any beneficiary cannot be more than the amount necessary to provide for the qualified education expenses of the beneficiary. How to file a late tax return 2012 There are no income restrictions on the individual contributors. How to file a late tax return 2012 You can contribute to both a QTP and a Coverdell ESA in the same year for the same designated beneficiary. How to file a late tax return 2012   Are Distributions Taxable The part of a distribution representing the amount paid or contributed to a QTP does not have to be included in income. How to file a late tax return 2012 This is a return of the investment in the plan. How to file a late tax return 2012 The designated beneficiary generally does not have to include in income any earnings distributed from a QTP if the total distribution is less than or equal to adjusted qualified education expenses (defined under Figuring the Taxable Portion of a Distribution , later). How to file a late tax return 2012 Earnings and return of investment. How to file a late tax return 2012    You will receive a Form 1099-Q, from each of the programs from which you received a QTP distribution in 2013. How to file a late tax return 2012 The amount of your gross distribution (box 1) shown on each form will be divided between your earnings (box 2) and your basis, or return of investment (box 3). How to file a late tax return 2012 Form 1099-Q should be sent to you by January 31, 2014. How to file a late tax return 2012 Figuring the Taxable Portion of a Distribution To determine if total distributions for the year are more or less than the amount of qualified education expenses, you must compare the total of all QTP distributions for the tax year to the adjusted qualified education expenses. How to file a late tax return 2012 Adjusted qualified education expenses. How to file a late tax return 2012   This amount is the total qualified education expenses reduced by any tax-free educational assistance. How to file a late tax return 2012 Tax-free educational assistance includes: The tax-free part of scholarships and fellowships (see Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Veterans' educational assistance (see Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Pell grants (see Pell Grants and Other Title IV Need-Based Education Grants in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Employer-provided educational assistance (see chapter 11, Employer-Provided Educational Assistance ), and Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. How to file a late tax return 2012 Taxable earnings. How to file a late tax return 2012   Use the following steps to figure the taxable part. How to file a late tax return 2012 Multiply the total distributed earnings shown in box 2 of Form 1099-Q by a fraction. How to file a late tax return 2012 The numerator is the adjusted qualified education expenses paid during the year and the denominator is the total amount distributed during the year. How to file a late tax return 2012 Subtract the amount figured in (1) from the total distributed earnings. How to file a late tax return 2012 The result is the amount the beneficiary must include in income. How to file a late tax return 2012 Report it on Form 1040 or Form 1040NR, line 21. How to file a late tax return 2012 Example 1. How to file a late tax return 2012 In 2007, Sara Clarke's parents opened a savings account for her with a QTP maintained by their state government. How to file a late tax return 2012 Over the years they contributed $18,000 to the account. How to file a late tax return 2012 The total balance in the account was $27,000 on the date the distribution was made. How to file a late tax return 2012 In the summer of 2013, Sara enrolled in college and had $8,300 of qualified education expenses for the rest of the year. How to file a late tax return 2012 She paid her college expenses from the following sources. How to file a late tax return 2012   Gift from parents $1,600     Partial tuition scholarship (tax-free) 3,100     QTP distribution 5,300           Before Sara can determine the taxable part of her QTP distribution, she must reduce her total qualified education expenses by any tax-free educational assistance. How to file a late tax return 2012   Total qualified education expenses $8,300     Minus: Tax-free educational assistance −3,100     Equals: Adjusted qualified  education expenses (AQEE) $5,200   Since the remaining expenses ($5,200) are less than the QTP distribution, part of the earnings will be taxable. How to file a late tax return 2012 Sara's Form 1099-Q shows that $950 of the QTP distribution is earnings. How to file a late tax return 2012 Sara figures the taxable part of the distributed earnings as follows. How to file a late tax return 2012   1. How to file a late tax return 2012 $950 (earnings) × $5,200 AQEE  $5,300 distribution           =$932 (tax-free earnings)     2. How to file a late tax return 2012 $950 (earnings)−$932 (tax-free earnings)     =$18 (taxable earnings)  Sara must include $18 in income (Form 1040, line 21) as distributed QTP earnings not used for adjusted qualified education expenses. How to file a late tax return 2012 Coordination With American Opportunity and Lifetime Learning Credits An American opportunity or lifetime learning credit (education credit) can be claimed in the same year the beneficiary takes a tax-free distribution from a QTP, as long as the same expenses are not used for both benefits. How to file a late tax return 2012 This means that after the beneficiary reduces qualified education expenses by tax-free educational assistance, he or she must further reduce them by the expenses taken into account in determining the credit. How to file a late tax return 2012 Example 2. How to file a late tax return 2012 Assume the same facts as in Example 1 , except that Sara's parents claimed an American opportunity credit of $2,500 (based on $4,000 expenses). How to file a late tax return 2012   Total qualified education expenses $8,300     Minus: Tax-free educational assistance −3,100     Minus: Expenses taken into account  in figuring American opportunity credit −4,000     Equals: Adjusted qualified  education expenses (AQEE) $1,200           The taxable part of the distribution is figured as follows. How to file a late tax return 2012   1. How to file a late tax return 2012 $950 (earnings) × $1,200 AQEE  $5,300 distribution           =$215 (tax-free earnings)     2. How to file a late tax return 2012 $950 (earnings)−$215 (tax-free earnings)     =$735 (taxable earnings)       Sara must include $735 in income (Form 1040, line 21). How to file a late tax return 2012 This represents distributed earnings not used for adjusted qualified education expenses. How to file a late tax return 2012 Coordination With Coverdell ESA Distributions If a designated beneficiary receives distributions from both a QTP and a Coverdell ESA in the same year, and the total of these distributions is more than the beneficiary's adjusted qualified higher education expenses, the expenses must be allocated between the distributions. How to file a late tax return 2012 For purposes of this allocation, disregard any qualified elementary and secondary education expenses. How to file a late tax return 2012 Example 3. How to file a late tax return 2012 Assume the same facts as in Example 2 , except that instead of receiving a $5,300 distribution from her QTP, Sara received $4,600 from that account and $700 from her Coverdell ESA. How to file a late tax return 2012 In this case, Sara must allocate her $1,200 of adjusted qualified higher education expenses (AQHEE) between the two distributions. How to file a late tax return 2012   $1,200 AQHEE × $700 ESA distribution  $5,300 total distribution = $158 AQHEE (ESA)     $1,200 AQHEE × $4,600 QTP distribution  $5,300 total distribution = $1,042 AQHEE (QTP)   Sara then figures the taxable portion of her Coverdell ESA distribution based on qualified higher education expenses of $158, and the taxable portion of her QTP distribution based on the other $1,042. How to file a late tax return 2012 Note. How to file a late tax return 2012 If you are required to allocate your expenses between Coverdell ESA and QTP distributions, and you have adjusted qualified elementary and secondary education expenses, see the examples in chapter 7, Coverdell Education Savings Account under Coordination With Qualified Tuition Program (QTP) Distributions . How to file a late tax return 2012 Coordination With Tuition and Fees Deduction. How to file a late tax return 2012   A tuition and fees deduction can be claimed in the same year the beneficiary takes a tax-free distribution from a QTP, as long as the same expenses are not used for both benefits. How to file a late tax return 2012 Losses on QTP Investments If you have a loss on your investment in a QTP account, you may be able to take the loss on your income tax return. How to file a late tax return 2012 You can take the loss only when all amounts from that account have been distributed and the total distributions are less than your unrecovered basis. How to file a late tax return 2012 Your basis is the total amount of contributions to that QTP account. How to file a late tax return 2012 You claim the loss as a miscellaneous itemized deduction on Schedule A (Form 1040), line 23 (Schedule A (Form 1040NR), line 9), subject to the 2%-of-adjusted-gross-income limit. How to file a late tax return 2012 If you have distributions from more than one QTP account during a year, you must combine the information (amount of distribution, basis, etc. How to file a late tax return 2012 ) from all such accounts in order to determine your taxable earnings for the year. How to file a late tax return 2012 By doing this, the loss from one QTP account reduces the distributed earnings (if any) from any other QTP accounts. How to file a late tax return 2012 Example 1. How to file a late tax return 2012 In 2013, Taylor received a final distribution of $1,000 from QTP #1. How to file a late tax return 2012 His unrecovered basis in that account before the distribution was $3,000. How to file a late tax return 2012 If Taylor itemizes his deductions, he can claim the $2,000 loss on Schedule A (Form 1040). How to file a late tax return 2012 Example 2. How to file a late tax return 2012 Assume the same facts as in Example 1 , except that Taylor also had a distribution of $9,000 from QTP #2, giving him total distributions for 2013 of $10,000. How to file a late tax return 2012 His total basis in these distributions was $4,500 ($3,000 for QTP #1 and $1,500 for QTP #2). How to file a late tax return 2012 Taylor's adjusted qualified education expenses for 2013 totaled $6,000. How to file a late tax return 2012 In order to figure his taxable earnings, Taylor combines the two accounts and determines his taxable earnings as follows. How to file a late tax return 2012   1. How to file a late tax return 2012 $10,000 (total distribution)−$4,500 (basis portion of distribution)     = $5,500 (earnings included in distribution)   2. How to file a late tax return 2012 $5,500 (earnings) x $6,000 AQEE  $10,000 distribution           =$3,300 (tax-free earnings)     3. How to file a late tax return 2012 $5,500 (earnings)−$3,300 (tax-free earnings)     =$2,200 (taxable earnings)                 Taylor must include $2,200 in income on Form 1040, line 21. How to file a late tax return 2012 Because Taylor's accounts must be combined, he cannot deduct his $2,000 loss (QTP #1) on Schedule A (Form 1040). How to file a late tax return 2012 Instead, the $2,000 loss reduces the total earnings that were distributed, thereby reducing his taxable earnings. How to file a late tax return 2012 Additional Tax on Taxable Distributions Generally, if you receive a taxable distribution, you also must pay a 10% additional tax on the amount included in income. How to file a late tax return 2012 Exceptions. How to file a late tax return 2012   The 10% additional tax does not apply to distributions: Paid to a beneficiary (or to the estate of the designated beneficiary) on or after the death of the designated beneficiary. How to file a late tax return 2012 Made because the designated beneficiary is disabled. How to file a late tax return 2012 A person is considered to be disabled if he or she shows proof that he or she cannot do any substantial gainful activity because of his or her physical or mental condition. How to file a late tax return 2012 A physician must determine that his or her condition can be expected to result in death or to be of long-continued and indefinite duration. How to file a late tax return 2012 Included in income because the designated beneficiary received: A tax-free scholarship or fellowship (see Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Veterans' educational assistance (see Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Employer-provided educational assistance (see chapter 11, Employer-Provided Educational Assistance ), or Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. How to file a late tax return 2012 Made on account of the attendance of the designated beneficiary at a U. How to file a late tax return 2012 S. How to file a late tax return 2012 military academy (such as the USNA at Annapolis). How to file a late tax return 2012 This exception applies only to the extent that the amount of the distribution does not exceed the costs of advanced education (as defined in section 2005(d)(3) of title 10 of the U. How to file a late tax return 2012 S. How to file a late tax return 2012 Code) attributable to such attendance. How to file a late tax return 2012 Included in income only because the qualified education expenses were taken into account in determining the American opportunity or lifetime learning credit (see Coordination With American Opportunity and Lifetime Learning Credits , earlier. How to file a late tax return 2012 ) Exception (3) applies only to the extent the distribution is not more than the scholarship, allowance, or payment. How to file a late tax return 2012 Figuring the additional tax. How to file a late tax return 2012    Use Part II of Form 5329, to figure any additional tax. How to file a late tax return 2012 Report the amount on Form 1040, line 58, or Form 1040NR, line 56. How to file a late tax return 2012 Rollovers and Other Transfers Assets can be rolled over or transferred from one QTP to another. How to file a late tax return 2012 In addition, the designated beneficiary can be changed without transferring accounts. How to file a late tax return 2012 Rollovers Any amount distributed from a QTP is not taxable if it is rolled over to another QTP for the benefit of the same beneficiary or for the benefit of a member of the beneficiary's family (including the beneficiary's spouse). How to file a late tax return 2012 An amount is rolled over if it is paid to another QTP within 60 days after the date of the distribution. How to file a late tax return 2012 Do not report qualifying rollovers (those that meet the above criteria) anywhere on Form 1040 or 1040NR. How to file a late tax return 2012 These are not taxable distributions. How to file a late tax return 2012 Members of the beneficiary's family. How to file a late tax return 2012   For these purposes, the beneficiary's family includes the beneficiary's spouse and the following other relatives of the beneficiary. How to file a late tax return 2012 Son, daughter, stepchild, foster child, adopted child, or a descendant of any of them. How to file a late tax return 2012 Brother, sister, stepbrother, or stepsister. How to file a late tax return 2012 Father or mother or ancestor of either. How to file a late tax return 2012 Stepfather or stepmother. How to file a late tax return 2012 Son or daughter of a brother or sister. How to file a late tax return 2012 Brother or sister of father or mother. How to file a late tax return 2012 Son-in-law, daughter-in-law, father-in-law, mother-in-law, brother-in-law, or sister-in-law. How to file a late tax return 2012 The spouse of any individual listed above. How to file a late tax return 2012 First cousin. How to file a late tax return 2012 Example. How to file a late tax return 2012 When Aaron graduated from college last year he had $5,000 left in his QTP. How to file a late tax return 2012 He wanted to give this money to his younger brother, who was in junior high school. How to file a late tax return 2012 In order to avoid paying tax on the distribution of the amount remaining in his account, Aaron contributed the same amount to his brother's QTP within 60 days of the distribution. How to file a late tax return 2012 If the rollover is to another QTP for the same beneficiary, only one rollover is allowed within 12 months of a previous transfer to any QTP for that designated beneficiary. How to file a late tax return 2012 Changing the Designated Beneficiary There are no income tax consequences if the designated beneficiary of an account is changed to a member of the beneficiary's family. How to file a late tax return 2012 See Members of the beneficiary's family , earlier. How to file a late tax return 2012 Example. How to file a late tax return 2012 Assume the same situation as in the last example. How to file a late tax return 2012 Instead of closing his QTP and paying the distribution into his brother's QTP, Aaron could have instructed the trustee of his account to simply change the name of the beneficiary on his account to that of his brother. How to file a late tax return 2012 Prev  Up  Next   Home   More Online Publications
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The How To File A Late Tax Return 2012

How to file a late tax return 2012 30. How to file a late tax return 2012   How To Figure Your Tax Table of Contents Introduction Figuring Your Tax Alternative Minimum Tax (AMT) Tax Figured by IRSFiling the Return Introduction After you have figured your income and deductions as explained in Parts One through Five, your next step is to figure your tax. How to file a late tax return 2012 This chapter discusses: The general steps you take to figure your tax, An additional tax you may have to pay called the alternative minimum tax (AMT), and The conditions you must meet if you want the IRS to figure your tax. How to file a late tax return 2012 Figuring Your Tax Your income tax is based on your taxable income. How to file a late tax return 2012 After you figure your income tax and AMT, if any, subtract your tax credits and add any other taxes you may owe. How to file a late tax return 2012 The result is your total tax. How to file a late tax return 2012 Compare your total tax with your total payments to determine whether you are entitled to a refund or if you must make a payment. How to file a late tax return 2012 This section provides a general outline of how to figure your tax. How to file a late tax return 2012 You can find step-by-step directions in the Instructions for Forms 1040EZ, 1040A, and 1040. How to file a late tax return 2012 If you are unsure of which tax form you should file, see Which Form Should I Use? in chapter 1. How to file a late tax return 2012 Tax. How to file a late tax return 2012   Most taxpayers use either the Tax Table or the Tax Computation Worksheet to figure their income tax. How to file a late tax return 2012 However, there are special methods if your income includes any of the following items. How to file a late tax return 2012 A net capital gain. How to file a late tax return 2012 (See chapter 16. How to file a late tax return 2012 ) Qualified dividends taxed at the same rates as a net capital gain. How to file a late tax return 2012 (See chapters 8 and 16. How to file a late tax return 2012 ) Lump-sum distributions. How to file a late tax return 2012 (See chapter 10. How to file a late tax return 2012 ) Farming or fishing income. How to file a late tax return 2012 (See Schedule J (Form 1040), Income Averaging for Farmers and Fishermen. How to file a late tax return 2012 ) Unearned income over $2,000 for certain children. How to file a late tax return 2012 (See chapter 31. How to file a late tax return 2012 ) Parents' election to report child's interest and dividends. How to file a late tax return 2012 (See chapter 31. How to file a late tax return 2012 ) Foreign earned income exclusion or the housing exclusion. How to file a late tax return 2012 (See Form 2555, Foreign Earned Income, or Form 2555-EZ, Foreign Earned Income Exclusion, and the Foreign Earned Income Tax Worksheet in the Form 1040 instructions. How to file a late tax return 2012 ) Credits. How to file a late tax return 2012   After you figure your income tax and any AMT (discussed later), determine if you are eligible for any tax credits. How to file a late tax return 2012 Eligibility information for these tax credits is discussed in chapters 32 through 37 and your form instructions. How to file a late tax return 2012 The following table lists the credits you may be able to subtract from your tax and shows where you can find more information on each credit. How to file a late tax return 2012 CREDITS For information on: See  chapter: Adoption 37 Alternative motor vehicle 37 Alternative fuel vehicle refueling  property 37 Child and dependent care 32 Child tax 34 Credit to holders of tax credit  bonds 37 Education 35 Elderly or disabled 33 Electric vehicle 37 Foreign tax 37 Mortgage interest 37 Prior year minimum tax 37 Residential energy 37 Retirement savings contributions 37   Some credits (such as the earned income credit) are not listed because they are treated as payments. How to file a late tax return 2012 See Payments , later. How to file a late tax return 2012   There are other credits that are not discussed in this publication. How to file a late tax return 2012 These include the following credits. How to file a late tax return 2012 General business credit, which is made up of several separate business-related credits. How to file a late tax return 2012 These generally are reported on Form 3800, General Business Credit, and are discussed in chapter 4 of Publication 334, Tax Guide for Small Business. How to file a late tax return 2012 Renewable electricity, refined coal, and Indian coal production credit for electricity and refined coal produced at facilities placed in service after October 22, 2004 (after October 2, 2008, for electricity produced from marine and hydrokinetic renewables), and Indian coal produced at facilities placed in service after August 8, 2005. How to file a late tax return 2012 See Form 8835, Part II. How to file a late tax return 2012 Work opportunity credit. How to file a late tax return 2012 See Form 5884. How to file a late tax return 2012 Credit for employer social security and Medicare taxes paid on certain employee tips. How to file a late tax return 2012 See Form 8846. How to file a late tax return 2012 Other taxes. How to file a late tax return 2012   After you subtract your tax credits, determine whether there are any other taxes you must pay. How to file a late tax return 2012 This chapter does not explain these other taxes. How to file a late tax return 2012 You can find that information in other chapters of this publication and your form instructions. How to file a late tax return 2012 See the following table for other taxes you may need to add to your income tax. How to file a late tax return 2012 OTHER TAXES For information on: See  chapter: Additional taxes on qualified retirement plans and IRAs 10, 17 Household employment taxes 32 Recapture of an education credit 35 Social security and Medicare tax on wages 5 Social security and Medicare tax on tips 6 Uncollected social security and Medicare tax on tips 6   You also may have to pay AMT (discussed later in this chapter). How to file a late tax return 2012   There are other taxes that are not discussed in this publication. How to file a late tax return 2012 These include the following items. How to file a late tax return 2012 Self-employment tax. How to file a late tax return 2012 You must figure this tax if either of the following applies to you (or your spouse if you file a joint return). How to file a late tax return 2012 Your net earnings from self-employment from other than church employee income were $400 or more. How to file a late tax return 2012 The term “net earnings from self-employment” may include certain nonemployee compensation and other amounts reported to you on Form 1099-MISC, Miscellaneous Income. How to file a late tax return 2012 If you received a Form 1099-MISC, see the Instructions for Recipient on the back. How to file a late tax return 2012 Also see the Instructions for Schedule SE (Form 1040), Self-Employment Tax; and Publication 334, Tax Guide for Small Business. How to file a late tax return 2012 You had church employee income of $108. How to file a late tax return 2012 28 or more. How to file a late tax return 2012 Additional Medicare Tax. How to file a late tax return 2012 Beginning in 2013, you may be subject to a 0. How to file a late tax return 2012 9% Additional Medicare Tax that applies to Medicare wages, Railroad Retirement Act compensation, and self-employment income over a threshold based on your filing status. How to file a late tax return 2012 For more information, see the Instructions for Form 1040, line 60 and Form 8959. How to file a late tax return 2012 Net Investment Income Tax (NIIT). How to file a late tax return 2012 Beginning in 2013, you may be subject to Net Investment Income Tax (NIIT). How to file a late tax return 2012 NIIT is a 3. How to file a late tax return 2012 8% tax on the lesser of net investment income or the excess of your modified adjusted gross income over a threshold amount. How to file a late tax return 2012 For more information, see the Instructions for Form 1040, line 60 and Form 8960. How to file a late tax return 2012 Recapture taxes. How to file a late tax return 2012 You may have to pay these taxes if you previously claimed an investment credit, a low-income housing credit, a new markets credit, a qualified plug-in electric drive motor vehicle credit, an alternative motor vehicle credit, a credit for employer-provided child care facilities, an Indian employment credit, or other credits listed in the instructions for Form 1040, line 60. How to file a late tax return 2012 For more information, see the instructions for Form 1040, line 60. How to file a late tax return 2012 Section 72(m)(5) excess benefits tax. How to file a late tax return 2012 If you are (or were) a 5% owner of a business and you received a distribution that exceeds the benefits provided for you under the qualified pension or annuity plan formula, you may have to pay this additional tax. How to file a late tax return 2012 See Tax on Excess Benefits in chapter 4 of Publication 560, Retirement Plans for Small Business. How to file a late tax return 2012 Uncollected social security and Medicare tax on group-term life insurance. How to file a late tax return 2012 If your former employer provides you with more than $50,000 of group-term life insurance coverage, you must pay the employee part of social security and Medicare taxes on those premiums. How to file a late tax return 2012 The amount should be shown in box 12 of your Form W-2 with codes M and N. How to file a late tax return 2012 Tax on golden parachute payments. How to file a late tax return 2012 This tax applies if you received an “excess parachute payment” (EPP) due to a change in a corporation's ownership or control. How to file a late tax return 2012 The amount should be shown in box 12 of your Form W-2 with code K. How to file a late tax return 2012 See the instructions for Form 1040, line 60. How to file a late tax return 2012 Tax on accumulation distribution of trusts. How to file a late tax return 2012 This applies if you are the beneficiary of a trust that accumulated its income instead of distributing it currently. How to file a late tax return 2012 See Form 4970 and its instructions. How to file a late tax return 2012 Additional tax on HSAs or MSAs. How to file a late tax return 2012 If amounts contributed to, or distributed from, your health savings account or medical savings account do not meet the rules for these accounts, you may have to pay additional taxes. How to file a late tax return 2012 See Publication 969, Health Savings Accounts and Other Tax-Favored Health Plans; Form 8853, Archer MSAs and Long-Term Care Insurance Contracts; Form 8889, Health Savings Accounts (HSAs); and Form 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts. How to file a late tax return 2012 Additional tax on Coverdell ESAs. How to file a late tax return 2012 This applies if amounts contributed to, or distributed from, your Coverdell ESA do not meet the rules for these accounts. How to file a late tax return 2012 See Publication 970, Tax Benefits for Education, and Form 5329. How to file a late tax return 2012 Additional tax on qualified tuition programs. How to file a late tax return 2012 This applies to amounts distributed from qualified tuition programs that do not meet the rules for these accounts. How to file a late tax return 2012 See Publication 970 and Form 5329. How to file a late tax return 2012 Excise tax on insider stock compensation from an expatriated corporation. How to file a late tax return 2012 You may owe a 15% excise tax on the value of nonstatutory stock options and certain other stock-based compensation held by you or a member of your family from an expatriated corporation or its expanded affiliated group in which you were an officer, director, or more-than-10% owner. How to file a late tax return 2012 For more information, see the instructions for Form 1040, line 60. How to file a late tax return 2012 Additional tax on income you received from a nonqualified deferred compensation plan that fails to meet certain requirements. How to file a late tax return 2012 This income should be shown in Form W-2, box 12, with code Z, or in Form 1099-MISC, box 15b. How to file a late tax return 2012 For more information, see the instructions for Form 1040, line 60. How to file a late tax return 2012 Interest on the tax due on installment income from the sale of certain residential lots and timeshares. How to file a late tax return 2012 For more information, see the instructions for Form 1040, line 60. How to file a late tax return 2012 Interest on the deferred tax on gain from certain installment sales with a sales price over $150,000. How to file a late tax return 2012 For more information, see the instructions for Form 1040, line 60. How to file a late tax return 2012 Repayment of first-time homebuyer credit. How to file a late tax return 2012 For more information, see Form 5405, Repayment of the First-Time Homebuyer Credit, and its instructions. How to file a late tax return 2012 Also see the instructions for Form 1040, line 59b. How to file a late tax return 2012 Payments. How to file a late tax return 2012   After you determine your total tax, figure the total payments you have already made for the year. How to file a late tax return 2012 Include credits that are treated as payments. How to file a late tax return 2012 This chapter does not explain these payments and credits. How to file a late tax return 2012 You can find that information in other chapters of this publication and your form instructions. How to file a late tax return 2012 See the following table for amounts you can include in your total payments. How to file a late tax return 2012 PAYMENTS For information on: See  chapter: Child tax credit (additional) 34 Earned income credit 36 Estimated tax paid 4 Excess social security   and RRTA tax withheld 37 Federal income tax withheld 4 Health coverage tax credit 37 Credit for tax on   undistributed capital gain 37 Tax paid with extension 1   Another credit that is treated as a payment is the credit for federal excise tax paid on fuels. How to file a late tax return 2012 This credit is for persons who have a nontaxable use of certain fuels, such as diesel fuel and kerosene. How to file a late tax return 2012 It is claimed on Form 1040, line 70. How to file a late tax return 2012 See Form 4136, Credit for Federal Tax Paid on Fuels. How to file a late tax return 2012 Refund or balance due. How to file a late tax return 2012   To determine whether you are entitled to a refund or whether you must make a payment, compare your total payments with your total tax. How to file a late tax return 2012 If you are entitled to a refund, see your form instructions for information on having it directly deposited into one or more of your accounts, or to purchase U. How to file a late tax return 2012 S. How to file a late tax return 2012 savings bonds instead of receiving a paper check. How to file a late tax return 2012 Alternative Minimum Tax (AMT) This section briefly discusses an additional tax you may have to pay. How to file a late tax return 2012 The tax law gives special treatment to some kinds of income and allows special deductions and credits for some kinds of expenses. How to file a late tax return 2012 Taxpayers who benefit from this special treatment may have to pay at least a minimum amount of tax through an additional tax called AMT. How to file a late tax return 2012 You may have to pay the AMT if your taxable income for regular tax purposes, combined with certain adjustments and tax preference items, is more than a certain amount. How to file a late tax return 2012 See Form 6251, Alternative Minimum Tax — Individuals. How to file a late tax return 2012 Adjustments and tax preference items. How to file a late tax return 2012   The more common adjustments and tax preference items include: Addition of personal exemptions, Addition of the standard deduction (if claimed), Addition of itemized deductions claimed for state and local taxes, certain interest, most miscellaneous deductions, and part of medical expenses, Subtraction of any refund of state and local taxes included in gross income, Changes to accelerated depreciation of certain property, Difference between gain or loss on the sale of property reported for regular tax purposes and AMT purposes, Addition of certain income from incentive stock options, Change in certain passive activity loss deductions, Addition of certain depletion that is more than the adjusted basis of the property, Addition of part of the deduction for certain intangible drilling costs, and Addition of tax-exempt interest on certain private activity bonds. How to file a late tax return 2012 More information. How to file a late tax return 2012   For more information about the AMT, see the instructions for Form 6251. How to file a late tax return 2012 Tax Figured by IRS If you file by April 15, 2014, you can have the IRS figure your tax for you on Form 1040EZ, Form 1040A, or Form 1040. How to file a late tax return 2012 If the IRS figures your tax and you paid too much, you will receive a refund. How to file a late tax return 2012 If you did not pay enough, you will receive a bill for the balance. How to file a late tax return 2012 To avoid interest or the penalty for late payment, you must pay the bill within 30 days of the date of the bill or by the due date for your return, whichever is later. How to file a late tax return 2012 The IRS can also figure the credit for the elderly or the disabled and the earned income credit for you. How to file a late tax return 2012 When the IRS cannot figure your tax. How to file a late tax return 2012   The IRS cannot figure your tax for you if any of the following apply. How to file a late tax return 2012 You want your refund directly deposited into your accounts. How to file a late tax return 2012 You want any part of your refund applied to your 2014 estimated tax. How to file a late tax return 2012 You had income for the year from sources other than wages, salaries, tips, interest, dividends, taxable social security benefits, unemployment compensation, IRA distributions, pensions, and annuities. How to file a late tax return 2012 Your taxable income is $100,000 or more. How to file a late tax return 2012 You itemize deductions. How to file a late tax return 2012 You file any of the following forms. How to file a late tax return 2012 Form 2555, Foreign Earned Income. How to file a late tax return 2012 Form 2555-EZ, Foreign Earned Income Exclusion. How to file a late tax return 2012 Form 4137, Social Security and Medicare Tax on Unreported Tip Income. How to file a late tax return 2012 Form 4970, Tax on Accumulation Distribution of Trusts. How to file a late tax return 2012 Form 4972, Tax on Lump-Sum Distributions. How to file a late tax return 2012 Form 6198, At-Risk Limitations. How to file a late tax return 2012 Form 6251, Alternative Minimum Tax—Individuals. How to file a late tax return 2012 Form 8606, Nondeductible IRAs. How to file a late tax return 2012 Form 8615, Tax for Certain Children Who Have Unearned Income. How to file a late tax return 2012 Form 8814, Parents' Election To Report Child's Interest and Dividends. How to file a late tax return 2012 Form 8839, Qualified Adoption Expenses. How to file a late tax return 2012 Form 8853, Archer MSAs and Long-Term Care Insurance Contracts. How to file a late tax return 2012 Form 8889, Health Savings Accounts (HSAs). How to file a late tax return 2012 Form 8919, Uncollected Social Security and Medicare Tax on Wages. How to file a late tax return 2012 Filing the Return After you complete the line entries for the tax form you are filing, fill in your name and address. How to file a late tax return 2012 Enter your social security number in the space provided. How to file a late tax return 2012 If you are married, enter the social security numbers of you and your spouse even if you file separately. How to file a late tax return 2012 Sign and date your return and enter your occupation(s). How to file a late tax return 2012 If you are filing a joint return, both you and your spouse must sign it. How to file a late tax return 2012 Enter your daytime phone number in the space provided. How to file a late tax return 2012 This may help speed the processing of your return if we have a question that can be answered over the phone. How to file a late tax return 2012 If you are filing a joint return, you may enter either your or your spouse's daytime phone number. How to file a late tax return 2012 If you want to allow a friend, family member, or any other person you choose to discuss your 2013 tax return with the IRS, check the “Yes” box in the “Third party designee” area on your return. How to file a late tax return 2012 Also enter the designee's name, phone number, and any five digits the designee chooses as his or her personal identification number (PIN). How to file a late tax return 2012 If you check the “Yes” box, you, and your spouse if filing a joint return, are authorizing the IRS to call the designee to answer any questions that may arise during the processing of your return. How to file a late tax return 2012 Fill in and attach any schedules and forms asked for on the lines you completed to your paper return. How to file a late tax return 2012 Attach a copy of each of your Forms W-2 to your paper return. How to file a late tax return 2012 Also attach to your paper return any Form 1099-R you received that has withholding tax in box 4. How to file a late tax return 2012 Mail your return to the Internal Revenue Service Center for the area where you live. How to file a late tax return 2012 A list of Service Center addresses is in the instructions for your tax return. How to file a late tax return 2012 Form 1040EZ Line Entries Read lines 1 through 8b and fill in the lines that apply to you. How to file a late tax return 2012 Do not complete lines 9 through 12. How to file a late tax return 2012 If you are filing a joint return, use the space to the left of line 6 to separately show your taxable income and your spouse's taxable income. How to file a late tax return 2012 Payments. How to file a late tax return 2012   Enter any federal income tax withheld on line 7. How to file a late tax return 2012 Federal income tax withheld is shown on Form W-2, box 2, or Form 1099, box 4. How to file a late tax return 2012 Earned income credit. How to file a late tax return 2012   If you can take this credit, as discussed in chapter 36, the IRS can figure it for you. How to file a late tax return 2012 Enter “EIC” in the space to the left of line 8a. How to file a late tax return 2012 Enter the nontaxable combat pay you elect to include in earned income on line 8b. How to file a late tax return 2012   If your credit for any year after 1996 was reduced or disallowed by the IRS, you may also have to file Form 8862, Information To Claim Earned Income Credit After Disallowance, with your return. How to file a late tax return 2012 For details, see the Form 1040EZ Instructions. How to file a late tax return 2012 Form 1040A Line Entries Read lines 1 through 27 and fill in the lines that apply to you. How to file a late tax return 2012 If you are filing a joint return, use the space to the left of the entry space for line 27 to separately show your taxable income and your spouse's taxable income. How to file a late tax return 2012 Do not complete line 28. How to file a late tax return 2012 Complete lines 29 through 33 and 36 through 40 if they apply to you. How to file a late tax return 2012 However, do not fill in lines 30 and 38a if you want the IRS to figure the credits shown on those lines. How to file a late tax return 2012 Also, enter any write-in information that applies to you in the space to the left of line 41. How to file a late tax return 2012 Do not complete lines 34, 35, and 42 through 46. How to file a late tax return 2012 Payments. How to file a late tax return 2012   Enter any federal income tax withheld that is shown on Form W-2, box 2, or Form 1099, box 4, on line 36. How to file a late tax return 2012 Enter any estimated tax payments you made on line 37. How to file a late tax return 2012 Credit for child and dependent care expenses. How to file a late tax return 2012   If you can take this credit, as discussed in chapter 32, complete Form 2441, Child and Dependent Care Expenses, and attach it to your return. How to file a late tax return 2012 Enter the amount of the credit on line 29. How to file a late tax return 2012 The IRS will not figure this credit. How to file a late tax return 2012 Credit for the elderly or the disabled. How to file a late tax return 2012   If you can take this credit, as discussed in chapter 33, the IRS can figure it for you. How to file a late tax return 2012 Enter “CFE” in the space to the left of line 30 and attach Schedule R (Form 1040A or 1040), Credit for the Elderly or the Disabled, to your paper return. How to file a late tax return 2012 On Schedule R (Form 1040A or 1040), check the box in Part I for your filing status and age. How to file a late tax return 2012 Complete Part II and Part III, lines 11 and 13, if they apply. How to file a late tax return 2012 Earned income credit. How to file a late tax return 2012   If you can take this credit, as discussed in chapter 36, the IRS can figure it for you. How to file a late tax return 2012 Enter “EIC” to the left of the entry space for line 38a. How to file a late tax return 2012 Enter the nontaxable combat pay you elect to include in earned income on line 38b. How to file a late tax return 2012    If you have a qualifying child, you must fill in Schedule EIC (Form 1040A or 1040), Earned Income Credit, and attach it to your paper return. How to file a late tax return 2012 If you do not provide the child's social security number on Schedule EIC, line 2, the credit will be reduced or disallowed unless the child was born and died in 2013. How to file a late tax return 2012   If your credit for any year after 1996 was reduced or disallowed by the IRS, you may also have to file Form 8862 with your return. How to file a late tax return 2012 For details, see the Form 1040A Instructions. How to file a late tax return 2012 Form 1040 Line Entries Read lines 1 through 43 and fill in the lines that apply to you. How to file a late tax return 2012 Do not complete line 44. How to file a late tax return 2012 If you are filing a joint return, use the space under the words “Adjusted Gross Income” on the front of your return to separately show your taxable income and your spouse's taxable income. How to file a late tax return 2012 Read lines 45 through 71. How to file a late tax return 2012 Fill in the lines that apply to you, but do not fill in lines 54, 61, and 72. How to file a late tax return 2012 Also, do not complete line 55 and lines 73 through 77. How to file a late tax return 2012 Do not fill in line 53, box “c,” if you are completing Schedule R (Form 1040A or 1040), or line 64a if you want the IRS to figure the credits shown on those lines. How to file a late tax return 2012 Payments. How to file a late tax return 2012   Enter any federal income tax withheld that is shown on Form W-2, box 2, or Form 1099, box 4, on line 62. How to file a late tax return 2012 Enter any estimated tax payments you made on line 63. How to file a late tax return 2012 Credit for child and dependent care expenses. How to file a late tax return 2012   If you can take this credit, as discussed in chapter 32, complete Form 2441 and attach it to your paper return. How to file a late tax return 2012 Enter the amount of the credit on line 48. How to file a late tax return 2012 The IRS will not figure this credit. How to file a late tax return 2012 Credit for the elderly or the disabled. How to file a late tax return 2012   If you can take this credit, as discussed in chapter 33, the IRS can figure it for you. How to file a late tax return 2012 Enter “CFE” on the line next to line 53, check box “c,” and attach Schedule R (Form 1040A or 1040) to your paper return. How to file a late tax return 2012 On Schedule R (Form 1040A or 1040), check the box in Part I for your filing status and age. How to file a late tax return 2012 Complete Part II and Part III, lines 11 and 13, if they apply. How to file a late tax return 2012 Earned income credit. How to file a late tax return 2012   If you can take this credit, as discussed in chapter 36, the IRS can figure it for you. How to file a late tax return 2012 Enter “EIC” on the dotted line next to Form 1040, line 64a. How to file a late tax return 2012 Enter the nontaxable combat pay you elect to include in earned income on line 64b. How to file a late tax return 2012   If you have a qualifying child, you must fill in Schedule EIC (Form 1040A or 1040), Earned Income Credit, and attach it to your paper return. How to file a late tax return 2012 If you do not provide the child's social security number on Schedule EIC, line 2, the credit will be reduced or disallowed unless the child was born and died in 2013. How to file a late tax return 2012   If your credit for any year after 1996 was reduced or disallowed by the IRS, you may also have to file Form 8862 with your return. How to file a late tax return 2012 For details, see the Form 1040 Instructions. How to file a late tax return 2012 Prev  Up  Next   Home   More Online Publications