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Income Tax Forms For 2012

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Income Tax Forms For 2012

Income tax forms for 2012 11. Income tax forms for 2012   Beneficios del Seguro Social y Beneficios Equivalentes de la Jubilación para Empleados Ferroviarios Table of Contents Introduction Useful Items - You may want to see: ¿Está Sujeta a Impuestos Alguna Parte de los Beneficios? Cómo Declarar los Beneficios¿Cuánto Está Sujeto a Impuestos? Ejemplos Deducciones Relacionadas con los BeneficiosReintegros Superiores a los Beneficios Brutos Introduction Este capítulo explica las reglas del impuesto federal sobre el ingreso para los beneficios del Seguro Social y beneficios equivalentes de la jubilación para empleados ferroviarios de nivel 1. Income tax forms for 2012 Explica los siguientes temas: Cómo determinar si los beneficios están sujetos a impuestos. Income tax forms for 2012 Cómo usar la hoja de trabajo de beneficios del Seguro Social (con ejemplos). Income tax forms for 2012 Cómo declarar los beneficios sujetos a impuestos. Income tax forms for 2012 Cómo tratar reintegros superiores a los beneficios recibidos durante el año. Income tax forms for 2012 Los beneficios del Seguro Social incluyen los beneficios mensuales de jubilación, para el sobreviviente y de incapacidad. Income tax forms for 2012 Éstos no incluyen pagos del Supplemental Security Income (Ingreso de seguridad suplementario o SSI, por sus siglas en inglés), los cuales no están sujetos a impuestos. Income tax forms for 2012 Los beneficios equivalentes de la jubilación de empleados ferroviarios de nivel 1 son la parte de los beneficios de nivel 1 que un empleado ferroviario o beneficiario habría tenido derecho a recibir conforme al sistema del Seguro Social. Income tax forms for 2012 Éstos se conocen habitualmente como el Social Security equivalent benefit (beneficio equivalente al Seguro Social o SSEB, por sus siglas en inglés) de los beneficios de nivel 1. Income tax forms for 2012 Si recibió estos beneficios durante el año 2013, debería haber recibido un Formulario SSA-1099, Social Security Benefit Statement (Declaración de beneficios del Seguro Social), en inglés, o un Formulario RRB-1099, Payments by the Railroad Retirement Board (Pagos efectuados por la Junta de Jubilación Ferroviaria), en inglés. Income tax forms for 2012 Estos formularios muestran las cantidades recibidas y reintegradas y los impuestos retenidos durante el año. Income tax forms for 2012 Tal vez reciba más de uno de estos formularios para el mismo año. Income tax forms for 2012 Debe sumar las cantidades que aparezcan en todos los Formularios SSA-1099 y los Formularios RRB-1099 que reciba para el año para determinar las cantidades totales recibidas y reintegradas, y los impuestos retenidos durante ese año. Income tax forms for 2012 Consulte el Appendix (Apéndice) al final de la Publicación 915, Social Security and Equivalent Railroad Retirement Benefits (Beneficios del Seguro Social y beneficios equivalentes de jubilación para empleados ferroviarios), en inglés, para más información. Income tax forms for 2012 Nota: El uso del término “beneficios” en este capítulo corresponde tanto a los beneficios del Seguro Social como a la parte del SSEB de los beneficios de jubilación de empleados ferroviarios de nivel 1. Income tax forms for 2012 Lo que no cubre este capítulo. Income tax forms for 2012   Este capítulo no cubre las reglas tributarias para los siguientes beneficios de jubilación de empleados ferroviarios: Parte de los beneficios no equivalentes al Seguro Social (NSSEB, por sus siglas en inglés) de los beneficios de nivel 1. Income tax forms for 2012 Beneficios de nivel 2. Income tax forms for 2012 Beneficios dobles adquiridos. Income tax forms for 2012 Beneficios suplementarios de anualidad. Income tax forms for 2012 Para obtener información acerca de estos beneficios, consulte la Publicación 575, Pension and Annuity Income (Ingresos de pensiones y anualidades), en inglés. Income tax forms for 2012   Este capítulo no cubre las reglas tributarias para los beneficios del Seguro Social declarados en el Formulario SSA-1042S, Social Security Benefit Statement (Declaración de beneficios del Seguro Social), o Formulario RRB-1042S, Statement for Nonresident Alien Recipients of: Payments by the Railroad Retirement Board (Declaración para destinatarios extranjeros no residentes de: Pagos efectuados por la Junta de Jubilación Ferroviaria), en inglés. Income tax forms for 2012 Para información sobre estos beneficios, vea la Publicación 519, U. Income tax forms for 2012 S. Income tax forms for 2012 Tax Guide for Aliens (Guía sobre los impuestos estadounidenses para extranjeros), en inglés, y la Publicación 915, en inglés. Income tax forms for 2012   Este capítulo tampoco cubre las reglas tributarias sobre los beneficios extranjeros del Seguro Social. Income tax forms for 2012 Estos beneficios están sujetos a impuestos como anualidades, a menos que estén exentos de impuestos estadounidenses o sean tratados como beneficios del Seguro Social estadounidense conforme a un tratado tributario. Income tax forms for 2012 Useful Items - You may want to see: Publicación 505 Tax Withholding and Estimated Tax (Retención del impuesto e impuesto estimado), en inglés 575 Pension and Annuity Income (Ingresos de pensiones y anualidades), en inglés 590 Individual Retirement Arrangements (IRAs) (Arreglos de ahorros para la jubilación (Arreglos IRA)), en inglés 915 Social Security and Equivalent Railroad Retirement Benefits (Beneficios del Seguro Social y beneficios equivalentes de jubilación para empleados ferroviarios), en inglés Formularios (e Instrucciones) 1040-ES Estimated Tax for Individuals (Impuesto estimado para las personas físicas), en inglés SSA-1099 Social Security Benefit Statement (Declaración de beneficios del Seguro Social), en inglés RRB-1099 Payments by the Railroad Retirement Board (Pagos efectuados por la Junta de Jubilación Ferroviaria), en inglés W-4V Voluntary Withholding Request (Solicitud de retención voluntaria), en inglés ¿Está Sujeta a Impuestos Alguna Parte de los Beneficios? Para saber si alguna parte de los beneficios puede estar sujeta a impuestos, compare la cantidad base de su estado civil para efectos de la declaración con el total de: La mitad de los beneficios, más Todos los demás ingresos, incluidos los intereses exentos de impuestos. Income tax forms for 2012 Al hacer esta comparación, no reste de los demás ingresos ninguna de las siguientes exclusiones: Intereses sobre bonos de ahorros estadounidenses calificados; Beneficios por adopción proporcionados por el empleador; Ingresos devengados en el extranjero o vivienda en el extranjero ni Ingresos devengados por residentes bona fide de la Samoa Estadounidense o Puerto Rico. Income tax forms for 2012 Beneficios por hijos. Income tax forms for 2012   Las reglas en este capítulo corresponden a beneficios recibidos por hijos. Income tax forms for 2012 Vea A quién se le cobran impuestos , más adelante. Income tax forms for 2012 Cómo calcular el ingreso total. Income tax forms for 2012   Para calcular el total de la mitad de los beneficios más otros ingresos, use la Hoja de Trabajo 11-1 que aparece más adelante en este capítulo. Income tax forms for 2012 Si el total es mayor que la cantidad base, es posible que parte de los beneficios esté sujeta a impuestos. Income tax forms for 2012    Si es casado y presenta una declaración conjunta para el año 2013, usted y su cónyuge tienen que sumar sus ingresos y beneficios para calcular si alguna parte de la suma de éstos está sujeta a impuestos. Income tax forms for 2012 Aun si su cónyuge no recibió beneficios, tiene que sumar el ingreso de su cónyuge al suyo para calcular si alguna parte de los beneficios está sujeta a impuestos. Income tax forms for 2012    Si el único ingreso que recibió durante el año 2013 fue del Seguro Social o la parte del SSEB de los beneficios de jubilación para empleados ferroviarios de nivel 1, los beneficios no están, por lo general, sujetos a impuestos y probablemente no tenga que presentar una declaración. Income tax forms for 2012 Si tiene ingresos además de beneficios, tal vez tenga que presentar una declaración aun si ninguna parte de los beneficios está sujeta a impuestos. Income tax forms for 2012 Cantidad base. Income tax forms for 2012   La cantidad base es: $25,000 si es soltero, cabeza de familia o viudo que reúne los requisitos; $25,000 si es casado que presenta una declaración por separado y vivió separado de su cónyuge durante todo el año 2013; $32,000 si es casado que presenta una declaración conjunta o $-0- si es casado que presenta una declaración por separado y vivió con su cónyuge en algún momento durante el año 2013. Income tax forms for 2012 Hoja de Trabajo 11-1. Income tax forms for 2012    Puede usar la Hoja de Trabajo 11-1 para calcular la cantidad de ingresos y compararla con la cantidad base. Income tax forms for 2012 Ésta es una manera rápida de averiguar si alguna parte de sus beneficios está sujeta a impuestos. Income tax forms for 2012 Hoja de Trabajo 11-1. Income tax forms for 2012 Una Manera Rápida de Averiguar si sus Beneficios Podrían Estar Sujetos a Impuestos A. Income tax forms for 2012 Anote la cantidad del recuadro 5 de todos los Formularios SSA-1099 y RRB-1099. Income tax forms for 2012 Incluya la cantidad total de los pagos de beneficios en suma global recibidos en el año 2013, para el año 2013 y años anteriores. Income tax forms for 2012 Si recibió más de un formulario, sume las cantidades del recuadro 5 y anote el total. Income tax forms for 2012 A. Income tax forms for 2012   Nota: Si la cantidad de la línea A es cero o menos, deténgase aquí; ninguna parte de los beneficios está sujeta a impuestos este año. Income tax forms for 2012 B. Income tax forms for 2012 Anote la mitad de la cantidad de la línea A B. Income tax forms for 2012   C. Income tax forms for 2012 Anote las pensiones, salarios, intereses, dividendos y otros ingresos sujetos a impuestos C. Income tax forms for 2012   D. Income tax forms for 2012 Anote todos los ingresos de intereses exentos de impuestos (como intereses de bonos municipales) más toda exclusión de los ingresos (enumerados anteriormente) . Income tax forms for 2012 D. Income tax forms for 2012   E. Income tax forms for 2012 Sume las líneas B, C y D E. Income tax forms for 2012   Nota: Compare la cantidad de la línea E con la cantidad base correspondiente a su estado civil para efectos de la declaración. Income tax forms for 2012 Si la cantidad de la línea E es igual o menor que la cantidad base correspondiente a su estado civil, ninguna parte de sus beneficios está sujeta a impuestos este año. Income tax forms for 2012 Si la cantidad de la línea E es mayor que la cantidad base, alguna parte de sus beneficios podría estar sujeta a impuestos. Income tax forms for 2012 Tiene que completar la Hoja de Trabajo 1 de la Publicación 915, en inglés (o la Social Security Benefits Worksheet (Hoja de trabajo para beneficios del Seguro Social) de las instrucciones del formulario para la declaración de impuestos que usted presenta). Income tax forms for 2012 Si ninguna parte de los beneficios está sujeta a impuestos, pero igual tiene que presentar una declaración, vea más adelante Beneficios no sujetos a impuestos , bajo Cómo Declarar los Beneficios. Income tax forms for 2012 Ejemplo. Income tax forms for 2012 Usted y su cónyuge (ambos mayores de 65 años de edad) presentan una declaración conjunta para el año 2013 y ambos recibieron beneficios del Seguro Social durante el año. Income tax forms for 2012 En enero del año 2014, usted recibió un Formulario SSA-1099 que muestra beneficios netos de $7,500 en el recuadro 5. Income tax forms for 2012 Su cónyuge recibió un Formulario SSA-1099 que muestra beneficios netos de $3,500 en el recuadro 5. Income tax forms for 2012 Además, usted recibió una pensión sujeta a impuestos de $22,800 e ingresos de intereses de $500. Income tax forms for 2012 No tuvo ningún ingreso de intereses exentos de impuestos. Income tax forms for 2012 Sus beneficios no están sujetos a impuestos para el año 2013 debido a que su ingreso, según lo calculado en la Hoja de Trabajo 11-1 completada, no es mayor que la cantidad base ($32,000) para una persona casada que presenta una declaración conjunta. Income tax forms for 2012 Aunque ninguna cantidad de sus beneficios está sujeta a impuestos, usted tiene que presentar una declaración para el año 2013 debido a que su ingreso bruto sujeto a impuestos ($23,300) excede de la cantidad mínima requerida para la presentación de la declaración correspondiente a su estado civil para efectos de la declaración. Income tax forms for 2012 Hoja de Trabajo 11-1 completada. Income tax forms for 2012 Una Manera Rápida de Averiguar si sus Beneficios Podrían Estar Sujetos a Impuestos A. Income tax forms for 2012 Anote la cantidad del recuadro 5 de todos los Formularios SSA-1099 y RRB-1099. Income tax forms for 2012 Incluya la cantidad total de los pagos de beneficios en suma global recibidos en el año 2013, para el año 2013 y años anteriores. Income tax forms for 2012 Si recibió más de un formulario, sume las cantidades del recuadro 5 y anote el total. Income tax forms for 2012 A. Income tax forms for 2012 $ 11,000 Nota: Si la cantidad de la línea A es cero o menos, deténgase aquí; ninguna parte de los beneficios está sujeta a impuestos este año. Income tax forms for 2012 B. Income tax forms for 2012 Anote la mitad de la cantidad de la línea A B. Income tax forms for 2012 5,500 C. Income tax forms for 2012 Anote las pensiones, salarios, intereses, dividendos y otros ingresos sujetos a impuestos C. Income tax forms for 2012 23,300 D. Income tax forms for 2012 Anote todos los ingresos de intereses exentos de impuestos (como intereses de bonos municipales) más toda exclusión de los ingresos (enumerados anteriormente). Income tax forms for 2012 D. Income tax forms for 2012 -0- E. Income tax forms for 2012 Sume las líneas B, C y D E. Income tax forms for 2012 $28,800 Nota: Compare la cantidad de la línea E con la cantidad base correspondiente a su estado civil para efectos de la declaración. Income tax forms for 2012 Si la cantidad de la línea E es igual o menor que la cantidad base correspondiente a su estado civil, ninguna parte de sus beneficios está sujeta a impuestos este año. Income tax forms for 2012 Si la cantidad de la línea E es mayor que la cantidad base, alguna parte de sus beneficios podría estar sujeta a impuestos. Income tax forms for 2012 Tiene que completar la Hoja de Trabajo 1 de la Publicación 915, en inglés (o la Social Security Benefits Worksheet (Hoja de trabajo para beneficios del Seguro Social) de las instrucciones del formulario para la declaración de impuestos que usted presenta). Income tax forms for 2012 Si ninguna parte de los beneficios está sujeta a impuestos, pero igual tiene que presentar una declaración, vea más adelante Beneficios no sujetos a impuestos , bajo Cómo Declarar los Beneficios. Income tax forms for 2012 A quién se le cobran impuestos. Income tax forms for 2012   Los beneficios se incluyen en los ingresos sujetos a impuestos (según estén sujetos a impuestos) de la persona que tiene derecho legal a recibirlos. Income tax forms for 2012 Por ejemplo, si usted y su hijo reciben beneficios, pero el cheque de su hijo está a nombre de usted, tiene que usar sólo la parte de los beneficios que le corresponde a usted para ver si alguna parte de los beneficios en su caso está sujeta a impuestos. Income tax forms for 2012 La mitad de la parte correspondiente a su hijo tiene que sumarse a los demás ingresos de su hijo para saber si alguna parte de esos beneficios está sujeta a impuestos para su hijo. Income tax forms for 2012 Reintegro de beneficios. Income tax forms for 2012   Todo reintegro de beneficios que usted haya hecho durante el año 2013 tiene que restarse de los beneficios brutos que recibió en el año 2013. Income tax forms for 2012 No importa si el reintegro fue por beneficios recibidos en el año 2013 o en un año anterior. Income tax forms for 2012 Si el reintegro fue mayor que los beneficios brutos recibidos en el año 2013, consulte Reintegros Superiores a los Beneficios Brutos , más adelante. Income tax forms for 2012   Los beneficios brutos aparecen en el recuadro 3 del Formulario SSA-1099 o RRB-1099. Income tax forms for 2012 Los reintegros aparecen en el recuadro 4. Income tax forms for 2012 La cantidad del recuadro 5 muestra los beneficios netos del año 2013 (recuadro 3 menos recuadro 4). Income tax forms for 2012 Use la cantidad del recuadro 5 para calcular si alguna parte de sus beneficios está sujeta a impuestos. Income tax forms for 2012 Retención de impuestos e impuesto estimado. Income tax forms for 2012   Puede optar por que se haga la retención del impuesto federal sobre el ingreso de sus beneficios del Seguro Social y/o de la parte del SSEB de sus beneficios de jubilación para empleados ferroviarios de nivel 1. Income tax forms for 2012 Si opta por hacerlo, tiene que completar un Formulario W-4V. Income tax forms for 2012   Si opta por no hacer la retención del impuesto sobre el ingreso, tal vez tenga que solicitar la retención adicional de otros ingresos o pagar un impuesto estimado durante el año. Income tax forms for 2012 Para más detalles, consulte la Publicación 505 o las instrucciones para el Formulario 1040-ES, ambas en inglés. Income tax forms for 2012 Cómo Declarar los Beneficios Si parte de sus beneficios está sujeta a impuestos, tiene que usar el Formulario 1040 o el Formulario 1040A. Income tax forms for 2012 No puede usar el Formulario 1040EZ. Income tax forms for 2012 Cómo hacer la declaración en el Formulario 1040. Income tax forms for 2012   Declare los beneficios netos (la cantidad total del recuadro 5 de todos los Formularios SSA-1099 y de los Formularios RRB-1099) en la línea 20a y la parte sujeta a impuestos en la línea 20b. Income tax forms for 2012 Si es casado que presenta una declaración por separado y vivió separado de su cónyuge durante todo el año 2013, anote también “D” a la derecha de la palabra “ benefits ” (beneficios) en la línea 20a. Income tax forms for 2012 Cómo hacer la declaración en el Formulario 1040A. Income tax forms for 2012   Declare los beneficios netos (la cantidad total del recuadro 5 de todos los Formularios SSA-1099 y de los Formularios RRB-1099) en la línea 14a y la parte sujeta a impuestos en la línea 14b. Income tax forms for 2012 Si es casado que presenta una declaración por separado y vivió separado de su cónyuge durante todo el año 2013, anote también “D” a la derecha de la palabra “ benefits ” (beneficios) en la línea 14a. Income tax forms for 2012 Beneficios no sujetos a impuestos. Income tax forms for 2012   Si presenta el Formulario 1040EZ, no declare beneficios en su declaración de impuestos. Income tax forms for 2012 Si presenta el Formulario 1040 o Formulario 1040A, declare sus beneficios netos (la cantidad total del recuadro 5 de todos sus Formularios SSA-1099 y Formularios RRB-1099) en la línea 20a del Formulario 1040 o en la línea 14a del Formulario 1040A. Income tax forms for 2012 Anote “-0-” en la línea 20b del Formulario 1040 o en la línea 14b del Formulario 1040A. Income tax forms for 2012 Si es casado que presenta la declaración por separado y vivió separado de su cónyuge durante todo el año 2013, anote también “D” a la derecha de la palabra “ benefits ” (beneficios) en la línea 20a del Formulario 1040 o en la línea 14a del Formulario 1040A. Income tax forms for 2012 ¿Cuánto Está Sujeto a Impuestos? Si parte de sus beneficios está sujeta a impuestos, dicha cantidad depende de la cantidad total de los beneficios y otros ingresos. Income tax forms for 2012 Normalmente, cuanto más alta sea esa cantidad total, mayor es la parte sujeta a impuestos de los beneficios. Income tax forms for 2012 Máxima parte sujeta a impuestos. Income tax forms for 2012   Por lo general, hasta el 50% de los beneficios están sujetos a impuestos. Income tax forms for 2012 Sin embargo, hasta el 85% de los beneficios pueden estar sujetos a impuestos si en su caso se da alguna de las siguientes situaciones: El total de la mitad de los beneficios más todos los demás ingresos es mayor de $34,000 ($44,000 si es casado que presenta una declaración conjunta). Income tax forms for 2012 Es casado que presenta una declaración por separado y vivió con su cónyuge en algún momento durante el año 2013. Income tax forms for 2012 Qué hoja de trabajo debe usar. Income tax forms for 2012   En las instrucciones del Formulario 1040 o del Formulario 1040A hay una hoja de trabajo para calcular los beneficios sujetos a impuestos. Income tax forms for 2012 Puede usar esa hoja de trabajo o la Hoja de Trabajo 1 de la Publicación 915, en inglés, a menos que alguna de las siguientes situaciones corresponda a su caso: Hizo aportaciones a un arreglo de ahorros para la jubilación (IRA, por sus siglas en inglés) tradicional y usted o su cónyuge está cubierto por un plan de jubilación del trabajo. Income tax forms for 2012 En esta situación, usted tiene que usar las hojas de trabajo especiales del Appendix (Apéndice) B de la Publicación 590, en inglés, para calcular la deducción por un arreglo IRA y los beneficios sujetos a impuestos. Income tax forms for 2012 La situación (1) no le corresponde y usted declara una exclusión por intereses sobre los bonos de ahorros estadounidenses calificados (Formulario 8815), beneficios por adopción (Formulario 8839), ingresos devengados en el extranjero o vivienda en el extranjero (Formulario 2555 o Formulario 2555-EZ), o ingresos devengados en la Samoa Estadounidense (Formulario 4563) o Puerto Rico declarados por residentes bona fide. Income tax forms for 2012 En esta situación, se tiene que usar la Hoja de Trabajo 1 de la Publicación 915, en inglés, para calcular los beneficios sujetos a impuestos. Income tax forms for 2012 Recibió un pago de suma global por un año anterior. Income tax forms for 2012 En esta situación, complete además la Hoja de Trabajo 2 ó 3 y la Hoja de Trabajo 4 de la Publicación 915, en inglés. Income tax forms for 2012 Consulte Elección de suma global , tema que aparece a continuación. Income tax forms for 2012 Elección de suma global. Income tax forms for 2012   Tiene que incluir la parte sujeta a impuestos de un pago de suma global (retroactivo) de beneficios recibidos en el año 2013 en los ingresos del año 2013, aun si el pago incluye beneficios de un año anterior. Income tax forms for 2012    Este pago global de beneficios no debe confundirse con el pago global de beneficios por fallecimiento que la SSA y la RRB pagan a muchos de sus beneficiarios. Income tax forms for 2012 Ninguna parte del pago global de beneficios por fallecimiento está sujeta a impuestos. Income tax forms for 2012   Generalmente, se usa el ingreso del año 2013 para calcular la parte sujeta a impuestos del total de beneficios recibidos en el año 2013. Income tax forms for 2012 Sin embargo, tal vez pueda calcular la parte sujeta a impuestos de un pago de suma global de un año anterior por separado, mediante el uso del ingreso del año anterior. Income tax forms for 2012 Puede optar por este método si eso reduce los beneficios sujetos a impuestos. Income tax forms for 2012 Cómo elegir su opción. Income tax forms for 2012   Si recibió un pago global de beneficios en el año 2013 que incluya beneficios de uno o más años anteriores, siga las instrucciones de la Publicación 915 bajo Lump-Sum Election (Elección de suma global) para saber si dicha elección reducirá sus beneficios sujetos a impuestos. Income tax forms for 2012 Ese análisis también explica cómo elegir la opción que le sea de mayor beneficio. Income tax forms for 2012    Debido a que los beneficios sujetos a impuestos de ese año anterior se incluyen en el ingreso del año 2013, no es necesario realizar ningún ajuste en la declaración del año anterior. Income tax forms for 2012 No presente una declaración enmendada del año anterior. Income tax forms for 2012 Ejemplos Los siguientes son algunos ejemplos que puede usar como guía para calcular la parte sujeta a impuestos de sus beneficios. Income tax forms for 2012 Ejemplo 1. Income tax forms for 2012 Jorge Blanco es soltero y presenta el Formulario 1040 para el año 2013. Income tax forms for 2012 Jorge recibió los siguientes ingresos en el año 2013: Pensión íntegramente sujeta a impuestos $18,600 Salario de trabajo a tiempo parcial 9,400 Ingreso de intereses sujeto a impuestos 990 Total $28,990 Además, Jorge recibió beneficios del Seguro Social durante el año 2013. Income tax forms for 2012 El Formulario SSA-1099 que recibió en enero del año 2014 muestra $5,980 en el recuadro 5. Income tax forms for 2012 Para calcular sus beneficios sujetos a impuestos, Jorge completa la hoja de trabajo que aparece aquí. Income tax forms for 2012 Hoja de Trabajo 1 completada. Income tax forms for 2012 Cómo Calcular los Beneficios Sujetos a Impuestos 1. Income tax forms for 2012 Anote la cantidad total del recuadro 5 de TODOS los Formularios SSA-1099 y RRB-1099. Income tax forms for 2012 Además, anote esta cantidad en la línea 20a del Formulario 1040 o en la línea 14a del Formulario 1040A. Income tax forms for 2012 $5,980 2. Income tax forms for 2012 Anote la mitad de la línea 1. Income tax forms for 2012 2,990 3. Income tax forms for 2012 Sume el total de las cantidades del:     Formulario 1040: Líneas 7, 8a, 9a, 10 a 14, 15b, 16b, 17 a 19 y 21. Income tax forms for 2012     Formulario 1040A: Líneas 7, 8a, 9a, 10, 11b, 12b y 13 28,990 4. Income tax forms for 2012 Anote la cantidad, si la hubiera, de la línea 8b del Formulario 1040 o del Formulario 1040A. Income tax forms for 2012 -0- 5. Income tax forms for 2012 Anote el total de toda exclusión/ajuste por:     • Beneficios por adopción (línea 28 del Formulario 8839),     • Ingresos devengados en el extranjero o vivienda en el extranjero (líneas 45 y 50 del Formulario 2555 o línea 18 del Formulario 2555-EZ) y     • Ciertos ingresos de residentes bona fide de la Samoa Estadounidense (línea 15 del Formulario 4563) o de Puerto Rico . Income tax forms for 2012 . Income tax forms for 2012 -0- 6. Income tax forms for 2012 Sume las líneas 2, 3, 4 y 5 31,980 7. Income tax forms for 2012 Declarantes que presentan el Formulario 1040: Anote la cantidad de las líneas 23 a 32 del Formulario 1040 y toda cantidad que se haya anotado en la línea de puntos directamente al lado de la línea 36 del Formulario 1040. Income tax forms for 2012     Declarantes que presentan el Formulario 1040A: Anote la cantidad de las líneas 16 y 17 del Formulario 1040A. Income tax forms for 2012 -0- 8. Income tax forms for 2012 ¿Es la cantidad de la línea 7 menor que la cantidad de la línea 6?     No. Income tax forms for 2012 Ninguna parte de los beneficios del Seguro Social está sujeta a impuestos. Income tax forms for 2012 Anote -0- en la línea 20b del Formulario 1040 o en la línea 14b del Formulario 1040A. Income tax forms for 2012   Sí. Income tax forms for 2012 Reste la línea 7 de la línea 6 31,980 9. Income tax forms for 2012 Si es: Casado que presenta una declaración conjunta, anote $32,000. Income tax forms for 2012 Soltero, cabeza de familia, viudo que reúne los requisitos o casado que presenta una declaración por separado y vivió separado de su cónyuge durante todo el año 2013, anote $25,000. Income tax forms for 2012 25,000   Nota: Si es casado que presenta una declaración por separado y vivió con su cónyuge en algún momento del año 2013, omita las líneas 9 a 16; multiplique la línea 8 por 85% (0. Income tax forms for 2012 85) y anote el resultado en la línea 17. Income tax forms for 2012 Luego, pase a la línea 18. Income tax forms for 2012   10. Income tax forms for 2012 ¿Es la cantidad de la línea 9 menor que la cantidad de la línea 8?     No. Income tax forms for 2012 Ninguna parte de los beneficios está sujeta a impuestos. Income tax forms for 2012 Anote “-0-” en la línea 20b del Formulario 1040 o en la línea 14b del Formulario 1040A. Income tax forms for 2012 Si es casado que presenta una declaración por separado y vivió separado de su cónyuge durante todo el año 2013, asegúrese de haber anotado “D” a la derecha de la palabra “ benefits ” (beneficios) en la línea 20a del Formulario 1040 o la línea 14a del Formulario 1040A. Income tax forms for 2012     Sí. Income tax forms for 2012 Reste la línea 9 de la línea 8 6,980 11. Income tax forms for 2012 Anote $12,000 si es casado que presenta una declaración conjunta; $9,000 si es soltero, cabeza de familia, viudo que reúne los requisitos o casado que presenta una declaración por separado y vivió separado de su cónyuge durante todo el año 2013. Income tax forms for 2012 9,000 12. Income tax forms for 2012 Reste la línea 11 de la línea 10. Income tax forms for 2012 Si el resultado es cero o menos, anote “-0-”. Income tax forms for 2012 -0- 13. Income tax forms for 2012 De las líneas 10 y 11, anote la que sea menor 6,980 14. Income tax forms for 2012 Anote la mitad de la línea 13. Income tax forms for 2012 3,490 15. Income tax forms for 2012 De las líneas 2 y 14, anote la que sea menor 2,990 16. Income tax forms for 2012 Multiplique la línea 12 por 85% (0. Income tax forms for 2012 85). Income tax forms for 2012 Si la línea 12 es cero, anote “-0-”. Income tax forms for 2012 -0- 17. Income tax forms for 2012 Sume las líneas 15 y 16. Income tax forms for 2012 2,990 18. Income tax forms for 2012 Multiplique la línea 1 por 85% (0. Income tax forms for 2012 85). Income tax forms for 2012 5,083 19. Income tax forms for 2012 Beneficios sujetos a impuestos. Income tax forms for 2012 De las líneas 17 y 18, anote la que sea menor. Income tax forms for 2012 Además, anote esta cantidad en la línea 20b del Formulario 1040 o la línea 14b del Formulario 1040A. Income tax forms for 2012 $2,990       La cantidad de la línea 19 de la hoja de trabajo de Jorge muestra que $2,990 de sus beneficios del Seguro Social están sujetos a impuestos. Income tax forms for 2012 En la línea 20a de su Formulario 1040, Jorge anota sus beneficios netos de $5,980. Income tax forms for 2012 En la línea 20b, anota beneficios sujetos a impuestos de $2,990. Income tax forms for 2012   Ejemplo 2. Income tax forms for 2012 Raimundo y Alicia García presentan una declaración conjunta en el Formulario 1040A para el año 2013. Income tax forms for 2012 Raimundo está jubilado y recibió una pensión íntegramente sujeta a impuestos de $15,500. Income tax forms for 2012 Además, recibió beneficios del Seguro Social y su Formulario SSA-1099 para el año 2013 muestra beneficios netos de $5,600 en el recuadro 5. Income tax forms for 2012 Alicia trabajó durante el año y tuvo un salario de $14,000. Income tax forms for 2012 Ella efectuó un pago deducible a su arreglo IRA de $1,000. Income tax forms for 2012 Raimundo y Alicia tienen dos cuentas de ahorros con un total de $250 de ingresos de intereses sujetos a impuestos. Income tax forms for 2012 Ellos completan la Hoja de Trabajo 1, anotando $29,750 ($15,500 + $14,000 + $250) en la línea 3. Income tax forms for 2012 Ellos descubren que ninguna parte de los beneficios del Seguro Social de Raimundo está sujeta a impuestos. Income tax forms for 2012 En el Formulario 1040A, anotan $5,600 en la línea 14a y “-0-” en la línea 14b. Income tax forms for 2012 Hoja de Trabajo 1 completada. Income tax forms for 2012 Cómo Calcular los Beneficios Sujetos a Impuestos 1. Income tax forms for 2012 Anote la cantidad total del recuadro 5 de TODOS los Formularios SSA-1099 y RRB-1099. Income tax forms for 2012 Además, anote esta cantidad en la línea 20a del Formulario 1040 o en la línea 14a del Formulario 1040A. Income tax forms for 2012 $5,600 2. Income tax forms for 2012 Anote la mitad de la línea 1. Income tax forms for 2012 2,800 3. Income tax forms for 2012 Sume el total de las cantidades del:     Formulario 1040: Líneas 7, 8a, 9a, 10 a 14, 15b, 16b,17 a 19 y 21. Income tax forms for 2012     Formulario 1040A: Líneas 7, 8a, 9a, 10, 11b, 12b y 13 29,750 4. Income tax forms for 2012 Anote la cantidad, si la hubiera, de la línea 8b del Formulario 1040 o del Formulario 1040A. Income tax forms for 2012 -0- 5. Income tax forms for 2012 Anote el total de toda exclusión/ajuste por:     • Beneficios por adopción (línea 28 del Formulario 8839),     • Ingresos devengados en el extranjero o vivienda en el extranjero (líneas 45 y 50 del Formulario 2555 o línea 18 del Formulario 2555-EZ) y     • Ciertos ingresos de residentes bona fide de la Samoa Estadounidense (línea 15 del Formulario 4563) o de Puerto Rico -0- 6. Income tax forms for 2012 Sume las líneas 2, 3, 4 y 5 32,550 7. Income tax forms for 2012 Declarantes que presentan el Formulario 1040: Anote la cantidad de las líneas 23 a 32 del Formulario 1040 y toda cantidad que se haya anotado en la línea de puntos directamente al lado de la línea 36 del Formulario 1040. Income tax forms for 2012     Declarantes que presentan el Formulario 1040A: Anote la cantidad de las líneas 16 y 17 del Formulario 1040A. Income tax forms for 2012 1,000 8. Income tax forms for 2012 ¿Es la cantidad de la línea 7 menor que la cantidad de la línea 6?     No. Income tax forms for 2012 Ninguna parte de los beneficios del Seguro Social está sujeta a impuestos. Income tax forms for 2012 Anote -0- en la línea 20b del Formulario 1040 o en la línea 14b del Formulario 1040A. Income tax forms for 2012   Sí. Income tax forms for 2012 Reste la línea 7 de la línea 6 31,550 9. Income tax forms for 2012 Si es: Casado que presenta una declaración conjunta, anote $32,000. Income tax forms for 2012 Soltero, cabeza de familia, viudo que reúne los requisitos o casado que presenta una declaración por separado y vivió separado de su cónyuge durante todo el año 2013, anote $25,000. Income tax forms for 2012 32,000   Nota: Si es casado que presenta una declaración por separado y vivió con su cónyuge en algún momento del año 2013, omita las líneas 9 a 16; multiplique la línea 8 por 85% (0. Income tax forms for 2012 85) y anote el resultado en la línea 17. Income tax forms for 2012 Luego, pase a la línea 18. Income tax forms for 2012   10. Income tax forms for 2012 ¿Es la cantidad de la línea 9 menor que la cantidad de la línea 8?     No. Income tax forms for 2012 Ninguna parte de los beneficios está sujeta a impuestos. Income tax forms for 2012 Anote “-0-” en la línea 20b del Formulario 1040 o en la línea 14b del Formulario 1040A. Income tax forms for 2012 Si es casado que presenta una declaración por separado y vivió separado de su cónyuge durante todo el año 2013, asegúrese de haber anotado “D” a la derecha de la palabra “ benefits ” (beneficios) en la línea 20a del Formulario 1040 o la línea 14a del Formulario 1040A. Income tax forms for 2012     Sí. Income tax forms for 2012 Reste la línea 9 de la línea 8   11. Income tax forms for 2012 Anote $12,000 si es casado que presenta una declaración conjunta; $9,000 si es soltero, cabeza de familia, viudo que reúne los requisitos o casado que presenta una declaración por separado y vivió separado de su cónyuge durante todo el año 2013. Income tax forms for 2012   12. Income tax forms for 2012 Reste la línea 11 de la línea 10. Income tax forms for 2012 Si el resultado es cero o menos, anote “-0-”. Income tax forms for 2012   13. Income tax forms for 2012 De las líneas 10 y 11, anote la que sea menor   14. Income tax forms for 2012 Anote la mitad de la línea 13. Income tax forms for 2012   15. Income tax forms for 2012 De las líneas 2 y 14, anote la que sea menor   16. Income tax forms for 2012 Multiplique la línea 12 por 85% (0. Income tax forms for 2012 85). Income tax forms for 2012 Si la línea 12 es cero, anote “-0-”. Income tax forms for 2012   17. Income tax forms for 2012 Sume las líneas 15 y 16. Income tax forms for 2012   18. Income tax forms for 2012 Multiplique la línea 1 por 85% (0. Income tax forms for 2012 85). Income tax forms for 2012   19. Income tax forms for 2012 Beneficios sujetos a impuestos. Income tax forms for 2012 De las líneas 17 y 18, anote la que sea menor. Income tax forms for 2012 Además, anote esta cantidad en la línea 20b del Formulario 1040 o la línea 14b del Formulario 1040A. Income tax forms for 2012   Ejemplo 3. Income tax forms for 2012 José y Beatriz Pérez presentan una declaración conjunta en el Formulario 1040 del año 2013. Income tax forms for 2012 José es empleado ferroviario jubilado y en el año 2013 recibió la parte de beneficios equivalentes del Seguro Social (SSEB, por sus siglas en inglés) de los beneficios de jubilación para empleados ferroviarios de nivel 1. Income tax forms for 2012 El Formulario RRB-1099 de José muestra $10,000 en el recuadro 5. Income tax forms for 2012 Beatriz es funcionaria del gobierno jubilada y recibe una pensión íntegramente sujeta a impuestos de $38,000. Income tax forms for 2012 Ellos tuvieron $2,300 de ingresos de intereses sujetos a impuestos más $200 de intereses sobre bonos de ahorros estadounidenses calificados. Income tax forms for 2012 Los intereses sobre bonos de ahorros cumplieron las condiciones de la exclusión. Income tax forms for 2012 Calculan sus beneficios sujetos a impuestos completando la Hoja de Trabajo 1. Income tax forms for 2012 Ya que han recibido intereses sobre bonos de ahorros estadounidenses calificados, siguen las instrucciones en la primera parte de la hoja de trabajo y, en la línea 3 de la misma, anotan la cantidad de la línea 2 del Anexo B (Formulario 1040A o del Formulario 1040) en vez de anotar la cantidad de la línea 8a del Formulario 1040. Income tax forms for 2012 En la línea 3 de la hoja de trabajo, anotan $40,500 ($38,000 + $2,500). Income tax forms for 2012 Hoja de Trabajo 1 completada. Income tax forms for 2012 Cómo Calcular los Beneficios Sujetos a Impuestos Tenga en cuenta los siguientes puntos antes de completar esta hoja de trabajo: • Si es casado que presenta una declaración por separado y no vivió con su cónyuge durante todo el año 2013, anote “D” a la derecha de la palabra “benefits” (beneficios) en la línea 20a del Formulario 1040 o en la línea 14a del Formulario 1040A. Income tax forms for 2012 • No utilice esta hoja de trabajo si reintegró beneficios en el año 2013 y el total de estos reintegros (el recuadro 4 de los Formularios SSA-1099 y RRB-1099) era mayor que los beneficios brutos que recibió para el año 2013 (el recuadro 3 de los Formularios SSA-1099 y RRB-1099). Income tax forms for 2012 Ninguna parte de los beneficios está sujeta a impuestos para el año 2013. Income tax forms for 2012 Para información adicional, vea Reintegros Superiores a los Beneficios Brutos . Income tax forms for 2012 • Si presenta el Formulario 8815, Exclusion of Interest From Series EE and I U. Income tax forms for 2012 S. Income tax forms for 2012 Savings Bonds Issued After 1989 (Exclusión de los intereses provenientes de los bonos de ahorros estadounidenses calificados de las series EE e I emitidos después de 1989), no anote en la línea 3 de esta hoja de trabajo la cantidad de la línea 8a del Formulario 1040 o de la línea 3 del Formulario 1040A. Income tax forms for 2012 En lugar de ello, anote la cantidad de la línea 2 del Anexo B del Formulario 1040A o Formulario 1040. Income tax forms for 2012       1. Income tax forms for 2012 Anote la cantidad total del recuadro 5 de TODOS los Formularios SSA-1099 y RRB-1099. Income tax forms for 2012 Además, anote esta cantidad en la línea 20a del Formulario 1040 o en la línea 14a del Formulario 1040A. Income tax forms for 2012 $10,000 2. Income tax forms for 2012 Anote la mitad de la línea 1. Income tax forms for 2012 5,000 3. Income tax forms for 2012 Sume el total de las cantidades del:     Formulario 1040: Líneas 7, 8a, 9a, 10 a 14, 15b, 16b, 17 a 19 y 21. Income tax forms for 2012     Formulario 1040A: Líneas 7, 8a, 9a, 10, 11b, 12b y 13 40,500 4. Income tax forms for 2012 Anote la cantidad, si la hubiera, de la línea 8b del Formulario 1040 o del Formulario 1040A. Income tax forms for 2012 -0- 5. Income tax forms for 2012 Anote el total de toda exclusión/ajuste por:     • Beneficios por adopción (línea 28 del Formulario 8839),     • Ingresos devengados en el extranjero o vivienda en el extranjero (líneas 45 y 50 del Formulario 2555 o línea 18 del Formulario 2555-EZ) y     • Ciertos ingresos de residentes bona fide de la Samoa Estadounidense (línea 15 del Formulario 4563) o de Puerto Rico . Income tax forms for 2012 . Income tax forms for 2012 -0- 6. Income tax forms for 2012 Sume las líneas 2, 3, 4 y 5 45,500 7. Income tax forms for 2012 Declarantes que presentan el Formulario 1040: Anote la cantidad de las líneas 23 a 32 del Formulario 1040, y toda cantidad que se haya anotado en la línea de puntos directamente al lado de la línea 36 del Formulario 1040. Income tax forms for 2012     Declarantes que presentan el Formulario 1040A: Anote la cantidad de las líneas 16 y 17 del Formulario 1040A. Income tax forms for 2012 -0- 8. Income tax forms for 2012 ¿Es la cantidad de la línea 7 menor que la cantidad de la línea 6?     No. Income tax forms for 2012 Ninguna parte de los beneficios del Seguro Social está sujeta a impuestos. Income tax forms for 2012 Anote “-0-” en la línea 20b del Formulario 1040 o en la línea 14b del Formulario 1040A. Income tax forms for 2012   Sí. Income tax forms for 2012 Reste la línea 7 de la línea 6 45,500 9. Income tax forms for 2012 Si es: Casado que presenta una declaración conjunta, anote $32,000. Income tax forms for 2012 Soltero, cabeza de familia, viudo que reúne los requisitos o casado que presenta una declaración por separado y vivió separado de su cónyuge durante todo el año 2013, anote $25,000. Income tax forms for 2012 32,000   Nota: Si es casado que presenta una declaración por separado y vivió con su cónyuge en algún momento del año 2013, omita las líneas 9 a 16; multiplique la línea 8 por 85% (0. Income tax forms for 2012 85) y anote el resultado en la línea 17. Income tax forms for 2012 Luego, pase a la línea 18. Income tax forms for 2012   10. Income tax forms for 2012 ¿Es la cantidad de la línea 9 menor que la cantidad de la línea 8?     No. Income tax forms for 2012 Ninguna parte de los beneficios está sujeta a impuestos. Income tax forms for 2012 Anote “-0-” en la línea 20b del Formulario 1040 o en la línea 14b del Formulario 1040A. Income tax forms for 2012 Si es casado que presenta una declaración por separado y vivió separado de su cónyuge durante todo el año 2013, asegúrese de haber anotado “D” a la derecha de la palabra “ benefits ” (beneficios) en la línea 20a del Formulario 1040 o la línea 14a del Formulario 1040A. Income tax forms for 2012     Sí. Income tax forms for 2012 Reste la línea 9 de la línea 8 13,500 11. Income tax forms for 2012 Anote $12,000 si es casado que presenta una declaración conjunta; $9,000 si es soltero, cabeza de familia, viudo que reúne los requisitos o casado que presenta una declaración por separado y vivió separado de su cónyuge durante todo el año 2013. Income tax forms for 2012 12,000 12. Income tax forms for 2012 Reste la línea 11 de la línea 10. Income tax forms for 2012 Si el resultado es cero o menos, anote “-0-”. Income tax forms for 2012 1,500 13. Income tax forms for 2012 De las líneas 10 y 11, anote la que sea menor 12,000 14. Income tax forms for 2012 Anote la mitad de la línea 13. Income tax forms for 2012 6,000 15. Income tax forms for 2012 De las líneas 2 y 14, anote la que sea menor 5,000 16. Income tax forms for 2012 Multiplique la línea 12 por 85% (0. Income tax forms for 2012 85). Income tax forms for 2012 Si la línea 12 es cero, anote “-0-”. Income tax forms for 2012 1,275 17. Income tax forms for 2012 Sume las líneas 15 y 16. Income tax forms for 2012 6,275 18. Income tax forms for 2012 Multiplique la línea 1 por 85% (0. Income tax forms for 2012 85). Income tax forms for 2012 8,500 19. Income tax forms for 2012 Beneficios sujetos a impuestos. Income tax forms for 2012 De las líneas 17 y 18, anote la que sea menor. Income tax forms for 2012 Además, anote esta cantidad en la línea 20b del Formulario 1040 o la línea 14b del Formulario 1040A. Income tax forms for 2012 $6,275 Más del 50% de los beneficios netos de José están sujetos a impuestos debido a que el ingreso de la línea 8 de la hoja de trabajo ($45,500) es mayor que $44,000. Income tax forms for 2012 José y Beatriz anotan $10,000 en la línea 20a del Formulario 1040 y $6,275 en la línea 20b del Formulario 1040. Income tax forms for 2012 Deducciones Relacionadas con los Beneficios Tal vez tenga derecho a deducir ciertas cantidades relacionadas con los beneficios que reciba. Income tax forms for 2012 Pagos por incapacidad. Income tax forms for 2012   Tal vez haya recibido pagos por incapacidad de su empleador o de una compañía de seguros que usted incluyó como ingresos en la declaración de impuestos de algún año anterior. Income tax forms for 2012 Si recibió un pago de suma global de la SSA o de la RRB, y tuvo que reintegrar al empleador o compañía de seguros los pagos por incapacidad, puede declarar una deducción detallada por la parte de los pagos que incluyó en los ingresos brutos de ese año anterior. Income tax forms for 2012 Si la cantidad que reintegra es más de $3,000, tal vez pueda reclamar un crédito tributario en su lugar. Income tax forms for 2012 Declare la deducción o crédito de la misma manera que se explica bajo Reintegros Superiores a los Beneficios Brutos , más adelante. Income tax forms for 2012 Gastos por asuntos legales. Income tax forms for 2012   Normalmente se pueden deducir gastos por asuntos legales pagados, o en los que haya incurrido, para producir o cobrar ingresos sujetos a impuestos o relacionados con la determinación, el cobro o el reembolso de algún impuesto. Income tax forms for 2012   Los gastos por asuntos legales por el cobro de la parte sujeta a impuestos de sus beneficios son deducibles como una deducción miscelánea detallada en la línea 23 del Anexo A (Formulario 1040). Income tax forms for 2012 Reintegros Superiores a los Beneficios Brutos En algunas situaciones, el Formulario SSA-1099 o el Formulario RRB-1099 mostrará que el total de los beneficios reintegrados (recuadro 4) es superior a los beneficios brutos (recuadro 3) recibidos. Income tax forms for 2012 Si esto ocurre, los beneficios netos del recuadro 5 serán una cifra negativa (una cifra entre paréntesis) y ninguna parte de los beneficios estará sujeta a impuestos. Income tax forms for 2012 No use una hoja de trabajo en este caso. Income tax forms for 2012 Si recibe más de un formulario, una cifra negativa en el recuadro 5 de un formulario compensa una cifra positiva en el recuadro 5 de otro formulario para ese mismo año. Income tax forms for 2012 Si tiene alguna duda acerca de esta cifra negativa, comuníquese con la oficina local de la SSA o la oficina regional de la RRB. Income tax forms for 2012 Declaración conjunta. Income tax forms for 2012   Si usted y su cónyuge presentan una declaración conjunta y su Formulario SSA-1099 o RRB-1099 tiene una cifra negativa en el recuadro 5, pero la de su cónyuge no, reste la cantidad del recuadro 5 de su formulario de la cantidad del recuadro 5 del formulario de su cónyuge. Income tax forms for 2012 Esto se hace para obtener los beneficios netos al calcular si está sujeta a impuestos la suma de sus beneficios y los de su cónyuge. Income tax forms for 2012 Ejemplo. Income tax forms for 2012 Juan y María presentan una declaración conjunta para el año 2013. Income tax forms for 2012 Juan recibió el Formulario SSA-1099 que muestra $3,000 en el recuadro 5. Income tax forms for 2012 María también recibió el Formulario SSA-1099 y la cantidad en el recuadro 5 fue ($500). Income tax forms for 2012 Juan y María anotarán $2,500 ($3,000 menos $500) en concepto de beneficios netos al calcular si alguna parte de la suma de sus beneficios está sujeta a impuestos. Income tax forms for 2012 Reintegro de beneficios recibidos en un año anterior. Income tax forms for 2012   Si la cantidad total que aparece en el recuadro 5 de todos los Formularios SSA-1099 y RRB-1099 es una cifra negativa, puede declarar una deducción detallada por la parte de esta cifra negativa que representa los beneficios que usted incluyó en el ingreso bruto de un año anterior. Income tax forms for 2012 Deducción de $3,000 o menos. Income tax forms for 2012   Si esta deducción es $3,000 o menos, está sujeta al límite del 2% del ingreso bruto ajustado que corresponde a ciertas deducciones misceláneas detalladas. Income tax forms for 2012 Reclámela en la línea 23 del Anexo A (Formulario 1040). Income tax forms for 2012 Deducción de más de $3,000. Income tax forms for 2012    Si esta deducción es superior a $3,000, usted debe calcular el impuesto de dos maneras: Calcule el impuesto para el año 2013 con la deducción detallada incluida en la línea 28 del Anexo A. Income tax forms for 2012 Calcule el impuesto para el año 2013 en los pasos siguientes: Calcule el impuesto sin la deducción detallada incluida en la línea 28 del Anexo A. Income tax forms for 2012 Para cada año después de 1983 para el cual una parte de la cifra negativa representa un reintegro de beneficios, vuelva a calcular los beneficios sujetos a impuestos como si el total de éstos para el año hubiera sido reducido por aquella parte de la cifra negativa. Income tax forms for 2012 Luego, vuelva a calcular el impuesto para ese año. Income tax forms for 2012 Reste el total de las cantidades de impuestos recalculadas en el apartado (b) del total de las cantidades de impuestos reales. Income tax forms for 2012 Reste el resultado del apartado (c) del resultado del apartado (a). Income tax forms for 2012 Compare el impuesto calculado con los métodos (1) y (2). Income tax forms for 2012 Su impuesto para el año 2013 es la menor de las dos cantidades. Income tax forms for 2012 Si el método (1) genera menos impuestos, declare la deducción detallada en la línea 28 del Anexo A (Formulario 1040). Income tax forms for 2012 Si el método (2) genera menos impuestos, tome un crédito por la cantidad del paso 2(c), indicado anteriormente, en la línea 71 del Formulario 1040. Income tax forms for 2012 Marque el recuadro d y escriba “ I. Income tax forms for 2012 R. Income tax forms for 2012 C. Income tax forms for 2012 1341 ” en el espacio al lado de ese recuadro. Income tax forms for 2012 Si ambos métodos generan el mismo impuesto, deduzca el reintegro de la línea 28 del Anexo A (Formulario 1040). Income tax forms for 2012 Prev  Up  Next   Home   More Online Publications
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IRS Provides Tax Relief to Victims of Hurricane Isaac; Return filing and Tax Payment Deadline Extended to Jan. 11, 2013

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IR-2012-70, Sept. 5, 2012

Updated 9/17/12 to include additional parishes

Updated 9/10/12 to include additional parishes and counties.

WASHINGTON –– The Internal Revenue Service is providing tax relief to individuals and businesses affected by Hurricane Isaac.

Following recent disaster declarations for individual assistance issued by the Federal Emergency Management Agency, the IRS announced today that affected taxpayers in Louisiana and Mississippi will receive tax relief, and other locations may be added in coming days based on additional damage assessments by FEMA.

The tax relief postpones various tax filing and payment deadlines that occurred on or after Aug. 26. As a result, affected individuals and businesses will have until Jan. 11, 2013 to file these returns and pay any taxes due. This includes corporations and businesses that previously obtained an extension until Sept. 17, 2012, to file their 2011 returns and individuals and businesses that received a similar extension until Oct. 15. It also includes the estimated tax payment for the third quarter of 2012, normally due Sept. 17.

The IRS will abate any interest, late-payment or late-filing penalty that would otherwise apply. In addition, the IRS is waiving failure-to-deposit penalties for federal employment and excise tax deposits normally due on or after Aug. 26 and before Sept. 10, if the deposits are made by Sept. 10, 2012. Details on available relief, including information on how to claim a disaster loss by amending a prior-year tax return, can be found on the disaster relief page on IRS.gov.

The tax relief is part of a coordinated federal response to the damage caused by the hurricane and is based on local damage assessments by FEMA. For information on disaster recovery, individuals should visit disasterassistance.gov.

So far, IRS filing and payment relief applies to the following localities:

  • In Louisiana: Ascension, Assumption, East Baton Rouge, East Feliciana, Iberville, Jefferson, Lafourche, Livingston, Orleans, Plaquemines, St. Bernard, St. Charles, St. Helena, St. James, St. John the Baptist, St. Mary, St. Tammany, Tangipahoa, Terrebonne, Washington and West Feliciana parishes;
  • In Mississippi: Adams, Amite, Clarke, Forrest, George, Hancock, Harrison, Hinds, Jackson, Lincoln, Marion, Pearl River, Pike, Stone, Walthall, Warren and Wilkinson counties.

 

Page Last Reviewed or Updated: 25-Sep-2013

The Income Tax Forms For 2012

Income tax forms for 2012 1. Income tax forms for 2012   Overview of Depreciation Table of Contents Introduction Useful Items - You may want to see: What Property Can Be Depreciated?Property You Own Property Used in Your Business or Income-Producing Activity Property Having a Determinable Useful Life Property Lasting More Than One Year What Property Cannot Be Depreciated?Land Excepted Property When Does Depreciation Begin and End?Placed in Service Idle Property Cost or Other Basis Fully Recovered Retired From Service What Method Can You Use To Depreciate Your Property?Property You Placed in Service Before 1987 Property Owned or Used in 1986 Intangible Property Corporate or Partnership Property Acquired in a Nontaxable Transfer Election To Exclude Property From MACRS What Is the Basis of Your Depreciable Property?Cost as Basis Other Basis Adjusted Basis How Do You Treat Repairs and Improvements? Do You Have To File Form 4562? How Do You Correct Depreciation Deductions?Filing an Amended Return Changing Your Accounting Method Introduction Depreciation is an annual income tax deduction that allows you to recover the cost or other basis of certain property over the time you use the property. Income tax forms for 2012 It is an allowance for the wear and tear, deterioration, or obsolescence of the property. Income tax forms for 2012 This chapter discusses the general rules for depreciating property and answers the following questions. Income tax forms for 2012 What property can be depreciated? What property cannot be depreciated? When does depreciation begin and end? What method can you use to depreciate your property? What is the basis of your depreciable property? How do you treat repairs and improvements? Do you have to file Form 4562? How do you correct depreciation deductions? Useful Items - You may want to see: Publication 534 Depreciating Property Placed in Service Before 1987 535 Business Expenses 538 Accounting Periods and Methods 551 Basis of Assets Form (and Instructions) Sch C (Form 1040) Profit or Loss From Business Sch C-EZ (Form 1040) Net Profit From Business 2106 Employee Business Expenses 2106-EZ Unreimbursed Employee Business Expenses 3115 Application for Change in Accounting Method 4562 Depreciation and Amortization See chapter 6 for information about getting publications and forms. Income tax forms for 2012 What Property Can Be Depreciated? You can depreciate most types of tangible property (except land), such as buildings, machinery, vehicles, furniture, and equipment. Income tax forms for 2012 You also can depreciate certain intangible property, such as patents, copyrights, and computer software. Income tax forms for 2012 To be depreciable, the property must meet all the following requirements. Income tax forms for 2012 It must be property you own. Income tax forms for 2012 It must be used in your business or income-producing activity. Income tax forms for 2012 It must have a determinable useful life. Income tax forms for 2012 It must be expected to last more than one year. Income tax forms for 2012 The following discussions provide information about these requirements. Income tax forms for 2012 Property You Own To claim depreciation, you usually must be the owner of the property. Income tax forms for 2012 You are considered as owning property even if it is subject to a debt. Income tax forms for 2012 Example 1. Income tax forms for 2012 You made a down payment to purchase rental property and assumed the previous owner's mortgage. Income tax forms for 2012 You own the property and you can depreciate it. Income tax forms for 2012 Example 2. Income tax forms for 2012 You bought a new van that you will use only for your courier business. Income tax forms for 2012 You will be making payments on the van over the next 5 years. Income tax forms for 2012 You own the van and you can depreciate it. Income tax forms for 2012 Leased property. Income tax forms for 2012   You can depreciate leased property only if you retain the incidents of ownership in the property (explained below). Income tax forms for 2012 This means you bear the burden of exhaustion of the capital investment in the property. Income tax forms for 2012 Therefore, if you lease property from someone to use in your trade or business or for the production of income, you generally cannot depreciate its cost because you do not retain the incidents of ownership. Income tax forms for 2012 You can, however, depreciate any capital improvements you make to the property. Income tax forms for 2012 See How Do You Treat Repairs and Improvements later in this chapter and Additions and Improvements under Which Recovery Period Applies in chapter 4. Income tax forms for 2012   If you lease property to someone, you generally can depreciate its cost even if the lessee (the person leasing from you) has agreed to preserve, replace, renew, and maintain the property. Income tax forms for 2012 However, if the lease provides that the lessee is to maintain the property and return to you the same property or its equivalent in value at the expiration of the lease in as good condition and value as when leased, you cannot depreciate the cost of the property. Income tax forms for 2012 Incidents of ownership. Income tax forms for 2012   Incidents of ownership in property include the following. Income tax forms for 2012 The legal title to the property. Income tax forms for 2012 The legal obligation to pay for the property. Income tax forms for 2012 The responsibility to pay maintenance and operating expenses. Income tax forms for 2012 The duty to pay any taxes on the property. Income tax forms for 2012 The risk of loss if the property is destroyed, condemned, or diminished in value through obsolescence or exhaustion. Income tax forms for 2012 Life tenant. Income tax forms for 2012   Generally, if you hold business or investment property as a life tenant, you can depreciate it as if you were the absolute owner of the property. Income tax forms for 2012 However, see Certain term interests in property under Excepted Property, later. Income tax forms for 2012 Cooperative apartments. Income tax forms for 2012   If you are a tenant-stockholder in a cooperative housing corporation and use your cooperative apartment in your business or for the production of income, you can depreciate your stock in the corporation, even though the corporation owns the apartment. Income tax forms for 2012   Figure your depreciation deduction as follows. Income tax forms for 2012 Figure the depreciation for all the depreciable real property owned by the corporation in which you have a proprietary lease or right of tenancy. Income tax forms for 2012 If you bought your cooperative stock after its first offering, figure the depreciable basis of this property as follows. Income tax forms for 2012 Multiply your cost per share by the total number of outstanding shares, including any shares held by the corporation. Income tax forms for 2012 Add to the amount figured in (a) any mortgage debt on the property on the date you bought the stock. Income tax forms for 2012 Subtract from the amount figured in (b) any mortgage debt that is not for the depreciable real property, such as the part for the land. Income tax forms for 2012 Subtract from the amount figured in (1) any depreciation for space owned by the corporation that can be rented but cannot be lived in by tenant-stockholders. Income tax forms for 2012 Divide the number of your shares of stock by the total number of outstanding shares, including any shares held by the corporation. Income tax forms for 2012 Multiply the result of (2) by the percentage you figured in (3). Income tax forms for 2012 This is your depreciation on the stock. Income tax forms for 2012   Your depreciation deduction for the year cannot be more than the part of your adjusted basis in the stock of the corporation that is allocable to your business or income-producing property. Income tax forms for 2012 You must also reduce your depreciation deduction if only a portion of the property is used in a business or for the production of income. Income tax forms for 2012 Example. Income tax forms for 2012 You figure your share of the cooperative housing corporation's depreciation to be $30,000. Income tax forms for 2012 Your adjusted basis in the stock of the corporation is $50,000. Income tax forms for 2012 You use one half of your apartment solely for business purposes. Income tax forms for 2012 Your depreciation deduction for the stock for the year cannot be more than $25,000 (½ of $50,000). Income tax forms for 2012 Change to business use. Income tax forms for 2012   If you change your cooperative apartment to business use, figure your allowable depreciation as explained earlier. Income tax forms for 2012 The basis of all the depreciable real property owned by the cooperative housing corporation is the smaller of the following amounts. Income tax forms for 2012 The fair market value of the property on the date you change your apartment to business use. Income tax forms for 2012 This is considered to be the same as the corporation's adjusted basis minus straight line depreciation, unless this value is unrealistic. Income tax forms for 2012 The corporation's adjusted basis in the property on that date. Income tax forms for 2012 Do not subtract depreciation when figuring the corporation's adjusted basis. Income tax forms for 2012   If you bought the stock after its first offering, the corporation's adjusted basis in the property is the amount figured in (1), above. Income tax forms for 2012 The fair market value of the property is considered to be the same as the corporation's adjusted basis figured in this way minus straight line depreciation, unless the value is unrealistic. Income tax forms for 2012   For a discussion of fair market value and adjusted basis, see Publication 551. Income tax forms for 2012 Property Used in Your Business or Income-Producing Activity To claim depreciation on property, you must use it in your business or income-producing activity. Income tax forms for 2012 If you use property to produce income (investment use), the income must be taxable. Income tax forms for 2012 You cannot depreciate property that you use solely for personal activities. Income tax forms for 2012 Partial business or investment use. Income tax forms for 2012   If you use property for business or investment purposes and for personal purposes, you can deduct depreciation based only on the business or investment use. Income tax forms for 2012 For example, you cannot deduct depreciation on a car used only for commuting, personal shopping trips, family vacations, driving children to and from school, or similar activities. Income tax forms for 2012    You must keep records showing the business, investment, and personal use of your property. Income tax forms for 2012 For more information on the records you must keep for listed property, such as a car, see What Records Must Be Kept in chapter 5. Income tax forms for 2012    Although you can combine business and investment use of property when figuring depreciation deductions, do not treat investment use as qualified business use when determining whether the business-use requirement for listed property is met. Income tax forms for 2012 For information about qualified business use of listed property, see What Is the Business-Use Requirement in chapter 5. Income tax forms for 2012 Office in the home. Income tax forms for 2012   If you use part of your home as an office, you may be able to deduct depreciation on that part based on its business use. Income tax forms for 2012 For information about depreciating your home office, see Publication 587. Income tax forms for 2012 Inventory. Income tax forms for 2012   You cannot depreciate inventory because it is not held for use in your business. Income tax forms for 2012 Inventory is any property you hold primarily for sale to customers in the ordinary course of your business. Income tax forms for 2012   If you are a rent-to-own dealer, you may be able to treat certain property held in your business as depreciable property rather than as inventory. Income tax forms for 2012 See Rent-to-own dealer under Which Property Class Applies Under GDS in chapter 4. Income tax forms for 2012   In some cases, it is not clear whether property is held for sale (inventory) or for use in your business. Income tax forms for 2012 If it is unclear, examine carefully all the facts in the operation of the particular business. Income tax forms for 2012 The following example shows how a careful examination of the facts in two similar situations results in different conclusions. Income tax forms for 2012 Example. Income tax forms for 2012 Maple Corporation is in the business of leasing cars. Income tax forms for 2012 At the end of their useful lives, when the cars are no longer profitable to lease, Maple sells them. Income tax forms for 2012 Maple does not have a showroom, used car lot, or individuals to sell the cars. Income tax forms for 2012 Instead, it sells them through wholesalers or by similar arrangements in which a dealer's profit is not intended or considered. Income tax forms for 2012 Maple can depreciate the leased cars because the cars are not held primarily for sale to customers in the ordinary course of business, but are leased. Income tax forms for 2012 If Maple buys cars at wholesale prices, leases them for a short time, and then sells them at retail prices or in sales in which a dealer's profit is intended, the cars are treated as inventory and are not depreciable property. Income tax forms for 2012 In this situation, the cars are held primarily for sale to customers in the ordinary course of business. Income tax forms for 2012 Containers. Income tax forms for 2012   Generally, containers for the products you sell are part of inventory and you cannot depreciate them. Income tax forms for 2012 However, you can depreciate containers used to ship your products if they have a life longer than one year and meet the following requirements. Income tax forms for 2012 They qualify as property used in your business. Income tax forms for 2012 Title to the containers does not pass to the buyer. Income tax forms for 2012   To determine if these requirements are met, consider the following questions. Income tax forms for 2012 Does your sales contract, sales invoice, or other type of order acknowledgment indicate whether you have retained title? Does your invoice treat the containers as separate items? Do any of your records state your basis in the containers? Property Having a Determinable Useful Life To be depreciable, your property must have a determinable useful life. Income tax forms for 2012 This means that it must be something that wears out, decays, gets used up, becomes obsolete, or loses its value from natural causes. Income tax forms for 2012 Property Lasting More Than One Year To be depreciable, property must have a useful life that extends substantially beyond the year you place it in service. Income tax forms for 2012 Example. Income tax forms for 2012 You maintain a library for use in your profession. Income tax forms for 2012 You can depreciate it. Income tax forms for 2012 However, if you buy technical books, journals, or information services for use in your business that have a useful life of one year or less, you cannot depreciate them. Income tax forms for 2012 Instead, you deduct their cost as a business expense. Income tax forms for 2012 What Property Cannot Be Depreciated? Certain property cannot be depreciated. Income tax forms for 2012 This includes land and certain excepted property. Income tax forms for 2012 Land You cannot depreciate the cost of land because land does not wear out, become obsolete, or get used up. Income tax forms for 2012 The cost of land generally includes the cost of clearing, grading, planting, and landscaping. Income tax forms for 2012 Although you cannot depreciate land, you can depreciate certain land preparation costs, such as landscaping costs, incurred in preparing land for business use. Income tax forms for 2012 These costs must be so closely associated with other depreciable property that you can determine a life for them along with the life of the associated property. Income tax forms for 2012 Example. Income tax forms for 2012 You constructed a new building for use in your business and paid for grading, clearing, seeding, and planting bushes and trees. Income tax forms for 2012 Some of the bushes and trees were planted right next to the building, while others were planted around the outer border of the lot. Income tax forms for 2012 If you replace the building, you would have to destroy the bushes and trees right next to it. Income tax forms for 2012 These bushes and trees are closely associated with the building, so they have a determinable useful life. Income tax forms for 2012 Therefore, you can depreciate them. Income tax forms for 2012 Add your other land preparation costs to the basis of your land because they have no determinable life and you cannot depreciate them. Income tax forms for 2012 Excepted Property Even if the requirements explained in the preceding discussions are met, you cannot depreciate the following property. Income tax forms for 2012 Property placed in service and disposed of in the same year. Income tax forms for 2012 Determining when property is placed in service is explained later. Income tax forms for 2012 Equipment used to build capital improvements. Income tax forms for 2012 You must add otherwise allowable depreciation on the equipment during the period of construction to the basis of your improvements. Income tax forms for 2012 See Uniform Capitalization Rules in Publication 551. Income tax forms for 2012 Section 197 intangibles. Income tax forms for 2012 You must amortize these costs. Income tax forms for 2012 Section 197 intangibles are discussed in detail in Chapter 8 of Publication 535. Income tax forms for 2012 Intangible property, such as certain computer software, that is not section 197 intangible property, can be depreciated if it meets certain requirements. Income tax forms for 2012 See Intangible Property , later. Income tax forms for 2012 Certain term interests. Income tax forms for 2012 Certain term interests in property. Income tax forms for 2012   You cannot depreciate a term interest in property created or acquired after July 27, 1989, for any period during which the remainder interest is held, directly or indirectly, by a person related to you. Income tax forms for 2012 A term interest in property means a life interest in property, an interest in property for a term of years, or an income interest in a trust. Income tax forms for 2012 Related persons. Income tax forms for 2012   For a description of related persons, see Related Persons, later. Income tax forms for 2012 For this purpose, however, treat as related persons only the relationships listed in items (1) through (10) of that discussion and substitute “50%” for “10%” each place it appears. Income tax forms for 2012 Basis adjustments. Income tax forms for 2012   If you would be allowed a depreciation deduction for a term interest in property except that the holder of the remainder interest is related to you, you generally must reduce your basis in the term interest by any depreciation or amortization not allowed. Income tax forms for 2012   If you hold the remainder interest, you generally must increase your basis in that interest by the depreciation not allowed to the term interest holder. Income tax forms for 2012 However, do not increase your basis for depreciation not allowed for periods during which either of the following situations applies. Income tax forms for 2012 The term interest is held by an organization exempt from tax. Income tax forms for 2012 The term interest is held by a nonresident alien individual or foreign corporation, and the income from the term interest is not effectively connected with the conduct of a trade or business in the United States. Income tax forms for 2012 Exceptions. Income tax forms for 2012   The above rules do not apply to the holder of a term interest in property acquired by gift, bequest, or inheritance. Income tax forms for 2012 They also do not apply to the holder of dividend rights that were separated from any stripped preferred stock if the rights were purchased after April 30, 1993, or to a person whose basis in the stock is determined by reference to the basis in the hands of the purchaser. Income tax forms for 2012 When Does Depreciation Begin and End? You begin to depreciate your property when you place it in service for use in your trade or business or for the production of income. Income tax forms for 2012 You stop depreciating property either when you have fully recovered your cost or other basis or when you retire it from service, whichever happens first. Income tax forms for 2012 Placed in Service You place property in service when it is ready and available for a specific use, whether in a business activity, an income-producing activity, a tax-exempt activity, or a personal activity. Income tax forms for 2012 Even if you are not using the property, it is in service when it is ready and available for its specific use. Income tax forms for 2012 Example 1. Income tax forms for 2012 Donald Steep bought a machine for his business. Income tax forms for 2012 The machine was delivered last year. Income tax forms for 2012 However, it was not installed and operational until this year. Income tax forms for 2012 It is considered placed in service this year. Income tax forms for 2012 If the machine had been ready and available for use when it was delivered, it would be considered placed in service last year even if it was not actually used until this year. Income tax forms for 2012 Example 2. Income tax forms for 2012 On April 6, Sue Thorn bought a house to use as residential rental property. Income tax forms for 2012 She made several repairs and had it ready for rent on July 5. Income tax forms for 2012 At that time, she began to advertise it for rent in the local newspaper. Income tax forms for 2012 The house is considered placed in service in July when it was ready and available for rent. Income tax forms for 2012 She can begin to depreciate it in July. Income tax forms for 2012 Example 3. Income tax forms for 2012 James Elm is a building contractor who specializes in constructing office buildings. Income tax forms for 2012 He bought a truck last year that had to be modified to lift materials to second-story levels. Income tax forms for 2012 The installation of the lifting equipment was completed and James accepted delivery of the modified truck on January 10 of this year. Income tax forms for 2012 The truck was placed in service on January 10, the date it was ready and available to perform the function for which it was bought. Income tax forms for 2012 Conversion to business use. Income tax forms for 2012   If you place property in service in a personal activity, you cannot claim depreciation. Income tax forms for 2012 However, if you change the property's use to use in a business or income-producing activity, then you can begin to depreciate it at the time of the change. Income tax forms for 2012 You place the property in service in the business or income-producing activity on the date of the change. Income tax forms for 2012 Example. Income tax forms for 2012 You bought a home and used it as your personal home several years before you converted it to rental property. Income tax forms for 2012 Although its specific use was personal and no depreciation was allowable, you placed the home in service when you began using it as your home. Income tax forms for 2012 You can begin to claim depreciation in the year you converted it to rental property because its use changed to an income-producing use at that time. Income tax forms for 2012 Idle Property Continue to claim a deduction for depreciation on property used in your business or for the production of income even if it is temporarily idle (not in use). Income tax forms for 2012 For example, if you stop using a machine because there is a temporary lack of a market for a product made with that machine, continue to deduct depreciation on the machine. Income tax forms for 2012 Cost or Other Basis Fully Recovered You stop depreciating property when you have fully recovered your cost or other basis. Income tax forms for 2012 You recover your basis when your section 179 and allowed or allowable depreciation deductions equal your cost or investment in the property. Income tax forms for 2012 See What Is the Basis of Your Depreciable Property , later. Income tax forms for 2012 Retired From Service You stop depreciating property when you retire it from service, even if you have not fully recovered its cost or other basis. Income tax forms for 2012 You retire property from service when you permanently withdraw it from use in a trade or business or from use in the production of income because of any of the following events. Income tax forms for 2012 You sell or exchange the property. Income tax forms for 2012 You convert the property to personal use. Income tax forms for 2012 You abandon the property. Income tax forms for 2012 You transfer the property to a supplies or scrap account. Income tax forms for 2012 The property is destroyed. Income tax forms for 2012 If you included the property in a general asset account, see How Do You Use General Asset Accounts in chapter 4 for the rules that apply when you dispose of that property. Income tax forms for 2012 What Method Can You Use To Depreciate Your Property? You must use the Modified Accelerated Cost Recovery System (MACRS) to depreciate most property. Income tax forms for 2012 MACRS is discussed in chapter 4. Income tax forms for 2012 You cannot use MACRS to depreciate the following property. Income tax forms for 2012 Property you placed in service before 1987. Income tax forms for 2012 Certain property owned or used in 1986. Income tax forms for 2012 Intangible property. Income tax forms for 2012 Films, video tapes, and recordings. Income tax forms for 2012 Certain corporate or partnership property acquired in a nontaxable transfer. Income tax forms for 2012 Property you elected to exclude from MACRS. Income tax forms for 2012 The following discussions describe the property listed above and explain what depreciation method should be used. Income tax forms for 2012 Property You Placed in Service Before 1987 You cannot use MACRS for property you placed in service before 1987 (except property you placed in service after July 31, 1986, if MACRS was elected). Income tax forms for 2012 Property placed in service before 1987 must be depreciated under the methods discussed in Publication 534. Income tax forms for 2012 For a discussion of when property is placed in service, see When Does Depreciation Begin and End , earlier. Income tax forms for 2012 Use of real property changed. Income tax forms for 2012   You generally must use MACRS to depreciate real property that you acquired for personal use before 1987 and changed to business or income-producing use after 1986. Income tax forms for 2012 Improvements made after 1986. Income tax forms for 2012   You must treat an improvement made after 1986 to property you placed in service before 1987 as separate depreciable property. Income tax forms for 2012 Therefore, you can depreciate that improvement as separate property under MACRS if it is the type of property that otherwise qualifies for MACRS depreciation. Income tax forms for 2012 For more information about improvements, see How Do You Treat Repairs and Improvements , later and Additions and Improvements under Which Recovery Period Applies in chapter 4. Income tax forms for 2012 Property Owned or Used in 1986 You may not be able to use MACRS for property you acquired and placed in service after 1986 if any of the situations described below apply. Income tax forms for 2012 If you cannot use MACRS, the property must be depreciated under the methods discussed in Publication 534. Income tax forms for 2012 For the following discussions, do not treat property as owned before you placed it in service. Income tax forms for 2012 If you owned property in 1986 but did not place it in service until 1987, you do not treat it as owned in 1986. Income tax forms for 2012 Personal property. Income tax forms for 2012   You cannot use MACRS for personal property (section 1245 property) in any of the following situations. Income tax forms for 2012 You or someone related to you owned or used the property in 1986. Income tax forms for 2012 You acquired the property from a person who owned it in 1986 and as part of the transaction the user of the property did not change. Income tax forms for 2012 You lease the property to a person (or someone related to this person) who owned or used the property in 1986. Income tax forms for 2012 You acquired the property in a transaction in which: The user of the property did not change, and The property was not MACRS property in the hands of the person from whom you acquired it because of (2) or (3) above. Income tax forms for 2012 Real property. Income tax forms for 2012   You generally cannot use MACRS for real property (section 1250 property) in any of the following situations. Income tax forms for 2012 You or someone related to you owned the property in 1986. Income tax forms for 2012 You lease the property to a person who owned the property in 1986 (or someone related to that person). Income tax forms for 2012 You acquired the property in a like-kind exchange, involuntary conversion, or repossession of property you or someone related to you owned in 1986. Income tax forms for 2012 MACRS applies only to that part of your basis in the acquired property that represents cash paid or unlike property given up. Income tax forms for 2012 It does not apply to the carried-over part of the basis. Income tax forms for 2012 Exceptions. Income tax forms for 2012   The rules above do not apply to the following. Income tax forms for 2012 Residential rental property or nonresidential real property. Income tax forms for 2012 Any property if, in the first tax year it is placed in service, the deduction under the Accelerated Cost Recovery System (ACRS) is more than the deduction under MACRS using the half-year convention. Income tax forms for 2012 For information on how to figure depreciation under ACRS, see Publication 534. Income tax forms for 2012 Property that was MACRS property in the hands of the person from whom you acquired it because of (2) above. Income tax forms for 2012 Related persons. Income tax forms for 2012   For this purpose, the following are related persons. Income tax forms for 2012 An individual and a member of his or her family, including only a spouse, child, parent, brother, sister, half-brother, half-sister, ancestor, and lineal descendant. Income tax forms for 2012 A corporation and an individual who directly or indirectly owns more than 10% of the value of the outstanding stock of that corporation. Income tax forms for 2012 Two corporations that are members of the same controlled group. Income tax forms for 2012 A trust fiduciary and a corporation if more than 10% of the value of the outstanding stock is directly or indirectly owned by or for the trust or grantor of the trust. Income tax forms for 2012 The grantor and fiduciary, and the fiduciary and beneficiary, of any trust. Income tax forms for 2012 The fiduciaries of two different trusts, and the fiduciaries and beneficiaries of two different trusts, if the same person is the grantor of both trusts. Income tax forms for 2012 A tax-exempt educational or charitable organization and any person (or, if that person is an individual, a member of that person's family) who directly or indirectly controls the organization. Income tax forms for 2012 Two S corporations, and an S corporation and a regular corporation, if the same persons own more than 10% of the value of the outstanding stock of each corporation. Income tax forms for 2012 A corporation and a partnership if the same persons own both of the following. Income tax forms for 2012 More than 10% of the value of the outstanding stock of the corporation. Income tax forms for 2012 More than 10% of the capital or profits interest in the partnership. Income tax forms for 2012 The executor and beneficiary of any estate. Income tax forms for 2012 A partnership and a person who directly or indirectly owns more than 10% of the capital or profits interest in the partnership. Income tax forms for 2012 Two partnerships, if the same persons directly or indirectly own more than 10% of the capital or profits interest in each. Income tax forms for 2012 The related person and a person who is engaged in trades or businesses under common control. Income tax forms for 2012 See section 52(a) and 52(b) of the Internal Revenue Code. Income tax forms for 2012 When to determine relationship. Income tax forms for 2012   You must determine whether you are related to another person at the time you acquire the property. Income tax forms for 2012   A partnership acquiring property from a terminating partnership must determine whether it is related to the terminating partnership immediately before the event causing the termination. Income tax forms for 2012 For this rule, a terminating partnership is one that sells or exchanges, within 12 months, 50% or more of its total interest in partnership capital or profits. Income tax forms for 2012 Constructive ownership of stock or partnership interest. Income tax forms for 2012   To determine whether a person directly or indirectly owns any of the outstanding stock of a corporation or an interest in a partnership, apply the following rules. Income tax forms for 2012 Stock or a partnership interest directly or indirectly owned by or for a corporation, partnership, estate, or trust is considered owned proportionately by or for its shareholders, partners, or beneficiaries. Income tax forms for 2012 However, for a partnership interest owned by or for a C corporation, this applies only to shareholders who directly or indirectly own 5% or more of the value of the stock of the corporation. Income tax forms for 2012 An individual is considered to own the stock or partnership interest directly or indirectly owned by or for the individual's family. Income tax forms for 2012 An individual who owns, except by applying rule (2), any stock in a corporation is considered to own the stock directly or indirectly owned by or for the individual's partner. Income tax forms for 2012 For purposes of rules (1), (2), or (3), stock or a partnership interest considered to be owned by a person under rule (1) is treated as actually owned by that person. Income tax forms for 2012 However, stock or a partnership interest considered to be owned by an individual under rule (2) or (3) is not treated as owned by that individual for reapplying either rule (2) or (3) to make another person considered to be the owner of the same stock or partnership interest. Income tax forms for 2012 Intangible Property Generally, if you can depreciate intangible property, you usually use the straight line method of depreciation. Income tax forms for 2012 However, you can choose to depreciate certain intangible property under the income forecast method (discussed later). Income tax forms for 2012 You cannot depreciate intangible property that is a section 197 intangible or that otherwise does not meet all the requirements discussed earlier under What Property Can Be Depreciated. Income tax forms for 2012 Straight Line Method This method lets you deduct the same amount of depreciation each year over the useful life of the property. Income tax forms for 2012 To figure your deduction, first determine the adjusted basis, salvage value, and estimated useful life of your property. Income tax forms for 2012 Subtract the salvage value, if any, from the adjusted basis. Income tax forms for 2012 The balance is the total depreciation you can take over the useful life of the property. Income tax forms for 2012 Divide the balance by the number of years in the useful life. Income tax forms for 2012 This gives you your yearly depreciation deduction. Income tax forms for 2012 Unless there is a big change in adjusted basis or useful life, this amount will stay the same throughout the time you depreciate the property. Income tax forms for 2012 If, in the first year, you use the property for less than a full year, you must prorate your depreciation deduction for the number of months in use. Income tax forms for 2012 Example. Income tax forms for 2012 In April, Frank bought a patent for $5,100 that is not a section 197 intangible. Income tax forms for 2012 He depreciates the patent under the straight line method, using a 17-year useful life and no salvage value. Income tax forms for 2012 He divides the $5,100 basis by 17 years to get his $300 yearly depreciation deduction. Income tax forms for 2012 He only used the patent for 9 months during the first year, so he multiplies $300 by 9/12 to get his deduction of $225 for the first year. Income tax forms for 2012 Next year, Frank can deduct $300 for the full year. Income tax forms for 2012 Patents and copyrights. Income tax forms for 2012   If you can depreciate the cost of a patent or copyright, use the straight line method over the useful life. Income tax forms for 2012 The useful life of a patent or copyright is the lesser of the life granted to it by the government or the remaining life when you acquire it. Income tax forms for 2012 However, if the patent or copyright becomes valueless before the end of its useful life, you can deduct in that year any of its remaining cost or other basis. Income tax forms for 2012 Computer software. Income tax forms for 2012   Computer software is generally a section 197 intangible and cannot be depreciated if you acquired it in connection with the acquisition of assets constituting a business or a substantial part of a business. Income tax forms for 2012   However, computer software is not a section 197 intangible and can be depreciated, even if acquired in connection with the acquisition of a business, if it meets all of the following tests. Income tax forms for 2012 It is readily available for purchase by the general public. Income tax forms for 2012 It is subject to a nonexclusive license. Income tax forms for 2012 It has not been substantially modified. Income tax forms for 2012   If the software meets the tests above, it may also qualify for the section 179 deduction and the special depreciation allowance, discussed later. Income tax forms for 2012 If you can depreciate the cost of computer software, use the straight line method over a useful life of 36 months. Income tax forms for 2012    Tax-exempt use property subject to a lease. Income tax forms for 2012   The useful life of computer software leased under a lease agreement entered into after March 12, 2004, to a tax-exempt organization, governmental unit, or foreign person or entity (other than a partnership), cannot be less than 125% of the lease term. Income tax forms for 2012 Certain created intangibles. Income tax forms for 2012   You can amortize certain intangibles created on or after December 31, 2003, over a 15-year period using the straight line method and no salvage value, even though they have a useful life that cannot be estimated with reasonable accuracy. Income tax forms for 2012 For example, amounts paid to acquire memberships or privileges of indefinite duration, such as a trade association membership, are eligible costs. Income tax forms for 2012   The following are not eligible. Income tax forms for 2012 Any intangible asset acquired from another person. Income tax forms for 2012 Created financial interests. Income tax forms for 2012 Any intangible asset that has a useful life that can be estimated with reasonable accuracy. Income tax forms for 2012 Any intangible asset that has an amortization period or limited useful life that is specifically prescribed or prohibited by the Code, regulations, or other published IRS guidance. Income tax forms for 2012 Any amount paid to facilitate an acquisition of a trade or business, a change in the capital structure of a business entity, and certain other transactions. Income tax forms for 2012   You must also increase the 15-year safe harbor amortization period to a 25-year period for certain intangibles related to benefits arising from the provision, production, or improvement of real property. Income tax forms for 2012 For this purpose, real property includes property that will remain attached to the real property for an indefinite period of time, such as roads, bridges, tunnels, pavements, and pollution control facilities. Income tax forms for 2012 Income Forecast Method You can choose to use the income forecast method instead of the straight line method to depreciate the following depreciable intangibles. Income tax forms for 2012 Motion picture films or video tapes. Income tax forms for 2012 Sound recordings. Income tax forms for 2012 Copyrights. Income tax forms for 2012 Books. Income tax forms for 2012 Patents. Income tax forms for 2012 Under the income forecast method, each year's depreciation deduction is equal to the cost of the property, multiplied by a fraction. Income tax forms for 2012 The numerator of the fraction is the current year's net income from the property, and the denominator is the total income anticipated from the property through the end of the 10th taxable year following the taxable year the property is placed in service. Income tax forms for 2012 For more information, see section 167(g) of the Internal Revenue Code. Income tax forms for 2012 Films, video tapes, and recordings. Income tax forms for 2012   You cannot use MACRS for motion picture films, video tapes, and sound recordings. Income tax forms for 2012 For this purpose, sound recordings are discs, tapes, or other phonorecordings resulting from the fixation of a series of sounds. Income tax forms for 2012 You can depreciate this property using either the straight line method or the income forecast method. Income tax forms for 2012 Participations and residuals. Income tax forms for 2012   You can include participations and residuals in the adjusted basis of the property for purposes of computing your depreciation deduction under the income forecast method. Income tax forms for 2012 The participations and residuals must relate to income to be derived from the property before the end of the 10th taxable year after the property is placed in service. Income tax forms for 2012 For this purpose, participations and residuals are defined as costs which by contract vary with the amount of income earned in connection with the property. Income tax forms for 2012   Instead of including these amounts in the adjusted basis of the property, you can deduct the costs in the taxable year that they are paid. Income tax forms for 2012 Videocassettes. Income tax forms for 2012   If you are in the business of renting videocassettes, you can depreciate only those videocassettes bought for rental. Income tax forms for 2012 If the videocassette has a useful life of one year or less, you can currently deduct the cost as a business expense. Income tax forms for 2012 Corporate or Partnership Property Acquired in a Nontaxable Transfer MACRS does not apply to property used before 1987 and transferred after 1986 to a corporation or partnership (except property the transferor placed in service after July 31, 1986, if MACRS was elected) to the extent its basis is carried over from the property's adjusted basis in the transferor's hands. Income tax forms for 2012 You must continue to use the same depreciation method as the transferor and figure depreciation as if the transfer had not occurred. Income tax forms for 2012 However, if MACRS would otherwise apply, you can use it to depreciate the part of the property's basis that exceeds the carried-over basis. Income tax forms for 2012 The nontaxable transfers covered by this rule include the following. Income tax forms for 2012 A distribution in complete liquidation of a subsidiary. Income tax forms for 2012 A transfer to a corporation controlled by the transferor. Income tax forms for 2012 An exchange of property solely for corporate stock or securities in a reorganization. Income tax forms for 2012 A contribution of property to a partnership in exchange for a partnership interest. Income tax forms for 2012 A partnership distribution of property to a partner. Income tax forms for 2012 Election To Exclude Property From MACRS If you can properly depreciate any property under a method not based on a term of years, such as the unit-of-production method, you can elect to exclude that property from MACRS. Income tax forms for 2012 You make the election by reporting your depreciation for the property on line 15 in Part II of Form 4562 and attaching a statement as described in the instructions for Form 4562. Income tax forms for 2012 You must make this election by the return due date (including extensions) for the tax year you place your property in service. Income tax forms for 2012 However, if you timely filed your return for the year without making the election, you can still make the election by filing an amended return within six months of the due date of the return (excluding extensions). Income tax forms for 2012 Attach the election to the amended return and write “Filed pursuant to section 301. Income tax forms for 2012 9100-2” on the election statement. Income tax forms for 2012 File the amended return at the same address you filed the original return. Income tax forms for 2012 Use of standard mileage rate. Income tax forms for 2012   If you use the standard mileage rate to figure your tax deduction for your business automobile, you are treated as having made an election to exclude the automobile from MACRS. Income tax forms for 2012 See Publication 463 for a discussion of the standard mileage rate. Income tax forms for 2012 What Is the Basis of Your Depreciable Property? To figure your depreciation deduction, you must determine the basis of your property. Income tax forms for 2012 To determine basis, you need to know the cost or other basis of your property. Income tax forms for 2012 Cost as Basis The basis of property you buy is its cost plus amounts you paid for items such as sales tax (see Exception , below), freight charges, and installation and testing fees. Income tax forms for 2012 The cost includes the amount you pay in cash, debt obligations, other property, or services. Income tax forms for 2012 Exception. Income tax forms for 2012   You can elect to deduct state and local general sales taxes instead of state and local income taxes as an itemized deduction on Schedule A (Form 1040). Income tax forms for 2012 If you make that choice, you cannot include those sales taxes as part of your cost basis. Income tax forms for 2012 Assumed debt. Income tax forms for 2012   If you buy property and assume (or buy subject to) an existing mortgage or other debt on the property, your basis includes the amount you pay for the property plus the amount of the assumed debt. Income tax forms for 2012 Example. Income tax forms for 2012 You make a $20,000 down payment on property and assume the seller's mortgage of $120,000. Income tax forms for 2012 Your total cost is $140,000, the cash you paid plus the mortgage you assumed. Income tax forms for 2012 Settlement costs. Income tax forms for 2012   The basis of real property also includes certain fees and charges you pay in addition to the purchase price. Income tax forms for 2012 These generally are shown on your settlement statement and include the following. Income tax forms for 2012 Legal and recording fees. Income tax forms for 2012 Abstract fees. Income tax forms for 2012 Survey charges. Income tax forms for 2012 Owner's title insurance. Income tax forms for 2012 Amounts the seller owes that you agree to pay, such as back taxes or interest, recording or mortgage fees, charges for improvements or repairs, and sales commissions. Income tax forms for 2012   For fees and charges you cannot include in the basis of property, see Real Property in Publication 551. Income tax forms for 2012 Property you construct or build. Income tax forms for 2012   If you construct, build, or otherwise produce property for use in your business, you may have to use the uniform capitalization rules to determine the basis of your property. Income tax forms for 2012 For information about the uniform capitalization rules, see Publication 551 and the regulations under section 263A of the Internal Revenue Code. Income tax forms for 2012 Other Basis Other basis usually refers to basis that is determined by the way you received the property. Income tax forms for 2012 For example, your basis is other than cost if you acquired the property in exchange for other property, as payment for services you performed, as a gift, or as an inheritance. Income tax forms for 2012 If you acquired property in this or some other way, see Publication 551 to determine your basis. Income tax forms for 2012 Property changed from personal use. Income tax forms for 2012   If you held property for personal use and later use it in your business or income-producing activity, your depreciable basis is the lesser of the following. Income tax forms for 2012 The fair market value (FMV) of the property on the date of the change in use. Income tax forms for 2012 Your original cost or other basis adjusted as follows. Income tax forms for 2012 Increased by the cost of any permanent improvements or additions and other costs that must be added to basis. Income tax forms for 2012 Decreased by any deductions you claimed for casualty and theft losses and other items that reduced your basis. Income tax forms for 2012 Example. Income tax forms for 2012 Several years ago, Nia paid $160,000 to have her home built on a lot that cost her $25,000. Income tax forms for 2012 Before changing the property to rental use last year, she paid $20,000 for permanent improvements to the house and claimed a $2,000 casualty loss deduction for damage to the house. Income tax forms for 2012 Land is not depreciable, so she includes only the cost of the house when figuring the basis for depreciation. Income tax forms for 2012 Nia's adjusted basis in the house when she changed its use was $178,000 ($160,000 + $20,000 − $2,000). Income tax forms for 2012 On the same date, her property had an FMV of $180,000, of which $15,000 was for the land and $165,000 was for the house. Income tax forms for 2012 The basis for depreciation on the house is the FMV on the date of change ($165,000), because it is less than her adjusted basis ($178,000). Income tax forms for 2012 Property acquired in a nontaxable transaction. Income tax forms for 2012   Generally, if you receive property in a nontaxable exchange, the basis of the property you receive is the same as the adjusted basis of the property you gave up. Income tax forms for 2012 Special rules apply in determining the basis and figuring the MACRS depreciation deduction and special depreciation allowance for property acquired in a like-kind exchange or involuntary conversion. Income tax forms for 2012 See Like-kind exchanges and involuntary conversions. Income tax forms for 2012 under How Much Can You Deduct? in chapter 3 and Figuring the Deduction for Property Acquired in a Nontaxable Exchange in chapter 4. Income tax forms for 2012   There are also special rules for determining the basis of MACRS property involved in a like-kind exchange or involuntary conversion when the property is contained in a general asset account. Income tax forms for 2012 See How Do You Use General Asset Accounts in chapter 4. Income tax forms for 2012 Adjusted Basis To find your property's basis for depreciation, you may have to make certain adjustments (increases and decreases) to the basis of the property for events occurring between the time you acquired the property and the time you placed it in service. Income tax forms for 2012 These events could include the following. Income tax forms for 2012 Installing utility lines. Income tax forms for 2012 Paying legal fees for perfecting the title. Income tax forms for 2012 Settling zoning issues. Income tax forms for 2012 Receiving rebates. Income tax forms for 2012 Incurring a casualty or theft loss. Income tax forms for 2012 For a discussion of adjustments to the basis of your property, see Adjusted Basis in Publication 551. Income tax forms for 2012 If you depreciate your property under MACRS, you also may have to reduce your basis by certain deductions and credits with respect to the property. Income tax forms for 2012 For more information, see What Is the Basis for Depreciation in chapter 4. Income tax forms for 2012 . Income tax forms for 2012 Basis adjustment for depreciation allowed or allowable. Income tax forms for 2012   You must reduce the basis of property by the depreciation allowed or allowable, whichever is greater. Income tax forms for 2012 Depreciation allowed is depreciation you actually deducted (from which you received a tax benefit). Income tax forms for 2012 Depreciation allowable is depreciation you are entitled to deduct. Income tax forms for 2012   If you do not claim depreciation you are entitled to deduct, you must still reduce the basis of the property by the full amount of depreciation allowable. Income tax forms for 2012   If you deduct more depreciation than you should, you must reduce your basis by any amount deducted from which you received a tax benefit (the depreciation allowed). Income tax forms for 2012 How Do You Treat Repairs and Improvements? If you improve depreciable property, you must treat the improvement as separate depreciable property. Income tax forms for 2012 Improvement means an addition to or partial replacement of property that adds to its value, appreciably lengthens the time you can use it, or adapts it to a different use. Income tax forms for 2012 You generally deduct the cost of repairing business property in the same way as any other business expense. Income tax forms for 2012 However, if a repair or replacement increases the value of your property, makes it more useful, or lengthens its life, you must treat it as an improvement and depreciate it. Income tax forms for 2012 Example. Income tax forms for 2012 You repair a small section on one corner of the roof of a rental house. Income tax forms for 2012 You deduct the cost of the repair as a rental expense. Income tax forms for 2012 However, if you completely replace the roof, the new roof is an improvement because it increases the value and lengthens the life of the property. Income tax forms for 2012 You depreciate the cost of the new roof. Income tax forms for 2012 Improvements to rented property. Income tax forms for 2012   You can depreciate permanent improvements you make to business property you rent from someone else. Income tax forms for 2012 Do You Have To File Form 4562? Use Form 4562 to figure your deduction for depreciation and amortization. Income tax forms for 2012 Attach Form 4562 to your tax return for the current tax year if you are claiming any of the following items. Income tax forms for 2012 A section 179 deduction for the current year or a section 179 carryover from a prior year. Income tax forms for 2012 See chapter 2 for information on the section 179 deduction. Income tax forms for 2012 Depreciation for property placed in service during the current year. Income tax forms for 2012 Depreciation on any vehicle or other listed property, regardless of when it was placed in service. Income tax forms for 2012 See chapter 5 for information on listed property. Income tax forms for 2012 A deduction for any vehicle if the deduction is reported on a form other than Schedule C (Form 1040) or Schedule C-EZ (Form 1040). Income tax forms for 2012 Amortization of costs if the current year is the first year of the amortization period. Income tax forms for 2012 Depreciation or amortization on any asset on a corporate income tax return (other than Form 1120S, U. Income tax forms for 2012 S. Income tax forms for 2012 Income Tax Return for an S Corporation) regardless of when it was placed in service. Income tax forms for 2012 You must submit a separate Form 4562 for each business or activity on your return for which a Form 4562 is required. Income tax forms for 2012 Table 1-1 presents an overview of the purpose of the various parts of Form 4562. Income tax forms for 2012 Employee. Income tax forms for 2012   Do not use Form 4562 if you are an employee and you deduct job-related vehicle expenses using either actual expenses (including depreciation) or the standard mileage rate. Income tax forms for 2012 Instead, use either Form 2106 or Form 2106-EZ. Income tax forms for 2012 Use Form 2106-EZ if you are claiming the standard mileage rate and you are not reimbursed by your employer for any expenses. Income tax forms for 2012 How Do You Correct Depreciation Deductions? If you deducted an incorrect amount of depreciation in any year, you may be able to make a correction by filing an amended return for that year. Income tax forms for 2012 See Filing an Amended Return , next. Income tax forms for 2012 If you are not allowed to make the correction on an amended return, you may be able to change your accounting method to claim the correct amount of depreciation. Income tax forms for 2012 See Changing Your Accounting Method , later. Income tax forms for 2012 Filing an Amended Return You can file an amended return to correct the amount of depreciation claimed for any property in any of the following situations. Income tax forms for 2012 You claimed the incorrect amount because of a mathematical error made in any year. Income tax forms for 2012 You claimed the incorrect amount because of a posting error made in any year. Income tax forms for 2012 You have not adopted a method of accounting for property placed in service by you in tax years ending after December 29, 2003. Income tax forms for 2012 You claimed the incorrect amount on property placed in service by you in tax years ending before December 30, 2003. Income tax forms for 2012 Adoption of accounting method defined. Income tax forms for 2012   Generally, you adopt a method of accounting for depreciation by using a permissible method of determining depreciation when you file your first tax return, or by using the same impermissible method of determining depreciation in two or more consecutively filed tax returns. Income tax forms for 2012   For an exception to this 2-year rule, see Revenue Procedure 2011-14 on page 330 of the Internal Revenue Bulletin 2011-4, available at www. Income tax forms for 2012 irs. Income tax forms for 2012 gov/pub/irs-irbs/irb11-04. Income tax forms for 2012 pdf. Income tax forms for 2012 (Note. Income tax forms for 2012 Revenue Procedure 2011-14 is clarified and modified by Revenue Procedure 2012-20. Income tax forms for 2012 For more information, see Revenue Procedure 2012-20 on page 700 of the Internal Revenue Bulletin 2012-14, available at www. Income tax forms for 2012 irs. Income tax forms for 2012 gov/pub/irs-irbs/irb12-14. Income tax forms for 2012 pdf. Income tax forms for 2012 )   For a safe harbor method of accounting to treat rotable spare parts as depreciable assets and procedures to obtain automatic consent to change to the safe harbor method of accounting, see Revenue Procedure 2007-48 on page 110 of Internal Revenue Bulletin 2007-29, available at www. Income tax forms for 2012 irs. Income tax forms for 2012 gov/pub/irs-irbs/irb07-29. Income tax forms for 2012 pdf. Income tax forms for 2012 When to file. Income tax forms for 2012   If an amended return is allowed, you must file it by the later of the following. Income tax forms for 2012 3 years from the date you filed your original return for the year in which you did not deduct the correct amount. Income tax forms for 2012 A return filed before an unextended due date is considered filed on that due date. Income tax forms for 2012 2 years from the time you paid your tax for that year. Income tax forms for 2012 Changing Your Accounting Method Generally, you must get IRS approval to change your method of accounting. Income tax forms for 2012 You generally must file Form 3115, Application for Change in Accounting Method, to request a change in your method of accounting for depreciation. Income tax forms for 2012 The following are examples of a change in method of accounting for depreciation. Income tax forms for 2012 A change from an impermissible method of determining depreciation for depreciable property, if the impermissible method was used in two or more consecutively filed tax returns. Income tax forms for 2012 A change in the treatment of an asset from nondepreciable to depreciable or vice versa. Income tax forms for 2012 A change in the depreciation method, period of recovery, or convention of a depreciable asset. Income tax forms for 2012 A change from not claiming to claiming the special depreciation allowance if you did not make the election to not claim any special allowance. Income tax forms for 2012 A change from claiming a 50% special depreciation allowance to claiming a 30% special depreciation allowance for qualified property (including property that is included in a class of property for which you elected a 30% special allowance instead of a 50% special allowance). Income tax forms for 2012 Changes in depreciation that are not a change in method of accounting (and may only be made on an amended return) include the following. Income tax forms for 2012 An adjustment in the useful life of a depreciable asset for which depreciation is determined under section 167. Income tax forms for 2012 A change in use of an asset in the hands of the same taxpayer. Income tax forms for 2012 Making a late depreciation election or revoking a timely valid depreciation election (including the election not to deduct the special depreciation allowance). Income tax forms for 2012 If you elected not to claim any special allowance, a change from not claiming to claiming the special allowance is a revocation of the election and is not an accounting method change. Income tax forms for 2012 Generally, you must get IRS approval to make a late depreciation election or revoke a depreciation election. Income tax forms for 2012 You must submit a request for a letter ruling to make a late election or revoke an election. Income tax forms for 2012 Any change in the placed in service date of a depreciable asset. Income tax forms for 2012 See section 1. Income tax forms for 2012 446-1(e)(2)(ii)(d) of the regulations for more information and examples. Income tax forms for 2012 IRS approval. Income tax forms for 2012   In some instances, you may be able to get approval from the IRS to change your method of accounting for depreciation under the automatic change request procedures generally covered in Revenue Procedure 2011-14. Income tax forms for 2012 If you do not qualify to use the automatic procedures to get approval, you must use the advance consent request procedures generally covered in Revenue Procedure 97-27, 1997-1 C. Income tax forms for 2012 B. Income tax forms for 2012 680. Income tax forms for 2012 Also see the Instructions for Form 3115 for more information on getting approval, including lists of scope limitations and automatic accounting method changes. Income tax forms for 2012 Additional guidance. Income tax forms for 2012    For additional guidance and special procedures for changing your accounting method, automatic change procedures, amending your return, and filing Form 3115, see Revenue Procedure 2011-14 on page 330 of the Internal Revenue Bulletin 2011-4, available at www. Income tax forms for 2012 irs. Income tax forms for 2012 gov/pub/irs-irbs/irb11-04. Income tax forms for 2012 pdf. Income tax forms for 2012 (Note. Income tax forms for 2012 Revenue Procedure 2011-14 is clarified and modified by Revenue Procedure 2012-20. Income tax forms for 2012 For more information, see Revenue Procedure 2012-20 on page 700 of the Internal Revenue Bulletin 2012-14, available at www. Income tax forms for 2012 irs. Income tax forms for 2012 gov/pub/irs-irbs/irb12-14. Income tax forms for 2012 pdf. Income tax forms for 2012 )   For a safe harbor method of accounting to treat rotable spare parts as depreciable assets, see Revenue Procedure 2007-48 on page 110 of Internal Revenue Bulletin 2007-29, available at www. Income tax forms for 2012 irs. Income tax forms for 2012 gov/pub/irs-irbs/irb07-29. Income tax forms for 2012 pdf. Income tax forms for 2012 Table 1-1. Income tax forms for 2012 Purpose of Form 4562 This table describes the purpose of the various parts of Form 4562. Income tax forms for 2012 For more information, see Form 4562 and its instructions. Income tax forms for 2012 Part Purpose I • Electing the section 179 deduction • Figuring the maximum section 179 deduction for the current year • Figuring any section 179 deduction carryover to the next year II • Reporting the special depreciation allowance for property (other than listed property) placed in service during the tax year • Reporting depreciation deductions on property being depreciated under any method other than Modified Accelerated Cost Recovery System (MACRS) III • Reporting MACRS depreciation deductions for property placed in service before this year • Reporting MACRS depreciation deductions for property (other than listed property) placed in service during the current year IV • Summarizing other parts V • Reporting the special depreciation allowance for automobiles and other listed property • Reporting MACRS depreciation on automobiles and other listed property • Reporting the section 179 cost elected for automobiles and other listed property • Reporting information on the use of automobiles and other transportation vehicles VI • Reporting amortization deductions Section 481(a) adjustment. Income tax forms for 2012   If you file Form 3115 and change from an impermissible method to a permissible method of accounting for depreciation, you can make a section 481(a) adjustment for any unclaimed or excess amount of allowable depreciation. Income tax forms for 2012 The adjustment is the difference between the total depreciation actually deducted for the property and the total amount allowable prior to the year of change. Income tax forms for 2012 If no depreciation was deducted, the adjustment is the total depreciation allowable prior to the year of change. Income tax forms for 2012 A negative section 481(a) adjustment results in a decrease in taxable income. Income tax forms for 2012 It is taken into account in the year of change and is reported on your business tax returns as “other expenses. Income tax forms for 2012 ” A positive section 481(a) adjustment results in an increase in taxable income. Income tax forms for 2012 It is generally taken into account over 4 tax years and is reported on your business tax returns as “other income. Income tax forms for 2012 ” However, you can elect to use a one-year adjustment period and report the adjustment in the year of change if the total adjustment is less than $25,000. Income tax forms for 2012 Make the election by completing the appropriate line on Form 3115. Income tax forms for 2012   If you file a Form 3115 and change from one permissible method to another permissible method, the section 481(a) adjustment is zero. Income tax forms for 2012 Prev  Up  Next   Home   More Online Publications