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Irs Gov Forms

Irs gov forms 8. Irs gov forms   Dividends and Other Distributions Table of Contents Reminder Introduction Useful Items - You may want to see: General InformationDividends not reported on Form 1099-DIV. Irs gov forms Reporting tax withheld. Irs gov forms Nominees. Irs gov forms Ordinary DividendsQualified Dividends Dividends Used to Buy More Stock Money Market Funds Capital Gain DistributionsBasis adjustment. Irs gov forms Nondividend DistributionsLiquidating Distributions Distributions of Stock and Stock Rights Other DistributionsInformation reporting requirement. Irs gov forms Alternative minimum tax treatment. Irs gov forms How To Report Dividend IncomeInvestment interest deducted. Irs gov forms Reminder Foreign-source income. Irs gov forms  If you are a U. Irs gov forms S. Irs gov forms citizen with dividend income from sources outside the United States (foreign-source income), you must report that income on your tax return unless it is exempt by U. Irs gov forms S. Irs gov forms law. Irs gov forms This is true whether you reside inside or outside the United States and whether or not you receive a Form 1099 from the foreign payer. Irs gov forms Introduction This chapter discusses the tax treatment of: Ordinary dividends, Capital gain distributions, Nondividend distributions, and Other distributions you may receive from a corporation or a mutual fund. Irs gov forms This chapter also explains how to report dividend income on your tax return. Irs gov forms Dividends are distributions of money, stock, or other property paid to you by a corporation or by a mutual fund. Irs gov forms You also may receive dividends through a partnership, an estate, a trust, or an association that is taxed as a corporation. Irs gov forms However, some amounts you receive that are called dividends are actually interest income. Irs gov forms (See Dividends that are actually interest under Taxable Interest in chapter 7. Irs gov forms ) Most distributions are paid in cash (or check). Irs gov forms However, distributions can consist of more stock, stock rights, other property, or services. Irs gov forms Useful Items - You may want to see: Publication 514 Foreign Tax Credit for Individuals 550 Investment Income and Expenses Form (and Instructions) Schedule B (Form 1040A or 1040) Interest and Ordinary Dividends General Information This section discusses general rules for dividend income. Irs gov forms Tax on unearned income of certain children. Irs gov forms   Part of a child's 2013 unearned income may be taxed at the parent's tax rate. Irs gov forms If it is, Form 8615, Tax for Certain Children Who Have Unearned Income, must be completed and attached to the child's tax return. Irs gov forms If not, Form 8615 is not required and the child's income is taxed at his or her own tax rate. Irs gov forms    Some parents can choose to include the child's interest and dividends on the parent's return if certain requirements are met. Irs gov forms Use Form 8814, Parents' Election To Report Child's Interest and Dividends, for this purpose. Irs gov forms   For more information about the tax on unearned income of children and the parents' election, see chapter 31. Irs gov forms Beneficiary of an estate or trust. Irs gov forms    Dividends and other distributions you receive as a beneficiary of an estate or trust are generally taxable income. Irs gov forms You should receive a Schedule K-1 (Form 1041), Beneficiary's Share of Income, Deductions, Credits, etc. Irs gov forms , from the fiduciary. Irs gov forms Your copy of Schedule K-1 (Form 1041) and its instructions will tell you where to report the income on your Form 1040. Irs gov forms Social security number (SSN) or individual taxpayer identification number (ITIN). Irs gov forms    You must give your SSN or ITIN to any person required by federal tax law to make a return, statement, or other document that relates to you. Irs gov forms This includes payers of dividends. Irs gov forms If you do not give your SSN or ITIN to the payer of dividends, you may have to pay a penalty. Irs gov forms For more information on SSNs and ITINs, see Social Security Number (SSN) in chapter 1. Irs gov forms Backup withholding. Irs gov forms   Your dividend income is generally not subject to regular withholding. Irs gov forms However, it may be subject to backup withholding to ensure that income tax is collected on the income. Irs gov forms Under backup withholding, the payer of dividends must withhold, as income tax, on the amount you are paid, applying the appropriate withholding rate. Irs gov forms   Backup withholding may also be required if the IRS has determined that you underreported your interest or dividend income. Irs gov forms For more information, see Backup Withholding in chapter 4. Irs gov forms Stock certificate in two or more names. Irs gov forms   If two or more persons hold stock as joint tenants, tenants by the entirety, or tenants in common, each person's share of any dividends from the stock is determined by local law. Irs gov forms Form 1099-DIV. Irs gov forms   Most corporations and mutual funds use Form 1099-DIV, Dividends and Distributions, to show you the distributions you received from them during the year. Irs gov forms Keep this form with your records. Irs gov forms You do not have to attach it to your tax return. Irs gov forms Dividends not reported on Form 1099-DIV. Irs gov forms   Even if you do not receive Form 1099-DIV, you must still report all your taxable dividend income. Irs gov forms For example, you may receive distributive shares of dividends from partnerships or S corporations. Irs gov forms These dividends are reported to you on Schedule K-1 (Form 1065), Partner's Share of Income, Deductions, Credits, etc. Irs gov forms , and Schedule K-1 (Form 1120S), Shareholder's Share of Income, Deductions, Credits, etc. Irs gov forms Reporting tax withheld. Irs gov forms   If tax is withheld from your dividend income, the payer must give you a Form 1099-DIV that indicates the amount withheld. Irs gov forms Nominees. Irs gov forms   If someone receives distributions as a nominee for you, that person should give you a Form 1099-DIV, which will show distributions received on your behalf. Irs gov forms Form 1099-MISC. Irs gov forms   Certain substitute payments in lieu of dividends or tax-exempt interest received by a broker on your behalf must be reported to you on Form 1099-MISC, Miscellaneous Income, or a similar statement. Irs gov forms See Reporting Substitute Payments under Short Sales in chapter 4 of Publication 550 for more information about reporting these payments. Irs gov forms Incorrect amount shown on a Form 1099. Irs gov forms   If you receive a Form 1099 that shows an incorrect amount (or other incorrect information), you should ask the issuer for a corrected form. Irs gov forms The new Form 1099 you receive will be marked “Corrected. Irs gov forms ” Dividends on stock sold. Irs gov forms   If stock is sold, exchanged, or otherwise disposed of after a dividend is declared but before it is paid, the owner of record (usually the payee shown on the dividend check) must include the dividend in income. Irs gov forms Dividends received in January. Irs gov forms   If a mutual fund (or other regulated investment company) or real estate investment trust (REIT) declares a dividend (including any exempt-interest dividend or capital gain distribution) in October, November, or December, payable to shareholders of record on a date in one of those months but actually pays the dividend during January of the next calendar year, you are considered to have received the dividend on December 31. Irs gov forms You report the dividend in the year it was declared. Irs gov forms Ordinary Dividends Ordinary (taxable) dividends are the most common type of distribution from a corporation or a mutual fund. Irs gov forms They are paid out of earnings and profits and are ordinary income to you. Irs gov forms This means they are not capital gains. Irs gov forms You can assume that any dividend you receive on common or preferred stock is an ordinary dividend unless the paying corporation or mutual fund tells you otherwise. Irs gov forms Ordinary dividends will be shown in box 1a of the Form 1099-DIV you receive. Irs gov forms Qualified Dividends Qualified dividends are the ordinary dividends subject to the same 0%, 15%, or 20% maximum tax rate that applies to net capital gain. Irs gov forms They should be shown in box 1b of the Form 1099-DIV you receive. Irs gov forms The maximum rate of tax on qualified dividends is: 0% on any amount that otherwise would be taxed at a 10% or 15% rate. Irs gov forms 15% on any amount that otherwise would be taxed at rates greater than 15% but less than 39. Irs gov forms 6%. Irs gov forms 20% on any amount that otherwise would be taxed at a 39. Irs gov forms 6% rate. Irs gov forms To qualify for the maximum rate, all of the following requirements must be met. Irs gov forms The dividends must have been paid by a U. Irs gov forms S. Irs gov forms corporation or a qualified foreign corporation. Irs gov forms (See Qualified foreign corporation , later. Irs gov forms ) The dividends are not of the type listed later under Dividends that are not qualified dividends . Irs gov forms You meet the holding period (discussed next). Irs gov forms Holding period. Irs gov forms   You must have held the stock for more than 60 days during the 121-day period that begins 60 days before the ex-dividend date. Irs gov forms The ex-dividend date is the first date following the declaration of a dividend on which the buyer of a stock is not entitled to receive the next dividend payment. Irs gov forms Instead, the seller will get the dividend. Irs gov forms   When counting the number of days you held the stock, include the day you disposed of the stock, but not the day you acquired it. Irs gov forms See the examples later. Irs gov forms Exception for preferred stock. Irs gov forms   In the case of preferred stock, you must have held the stock more than 90 days during the 181-day period that begins 90 days before the ex-dividend date if the dividends are due to periods totaling more than 366 days. Irs gov forms If the preferred dividends are due to periods totaling less than 367 days, the holding period in the previous paragraph applies. Irs gov forms Example 1. Irs gov forms You bought 5,000 shares of XYZ Corp. Irs gov forms common stock on July 9, 2013. Irs gov forms XYZ Corp. Irs gov forms paid a cash dividend of 10 cents per share. Irs gov forms The ex-dividend date was July 16, 2013. Irs gov forms Your Form 1099-DIV from XYZ Corp. Irs gov forms shows $500 in box 1a (ordinary dividends) and in box 1b (qualified dividends). Irs gov forms However, you sold the 5,000 shares on August 12, 2013. Irs gov forms You held your shares of XYZ Corp. Irs gov forms for only 34 days of the 121-day period (from July 10, 2013, through August 12, 2013). Irs gov forms The 121-day period began on May 17, 2013 (60 days before the ex-dividend date), and ended on September 14, 2013. Irs gov forms You have no qualified dividends from XYZ Corp. Irs gov forms because you held the XYZ stock for less than 61 days. Irs gov forms Example 2. Irs gov forms Assume the same facts as in Example 1 except that you bought the stock on July 15, 2013 (the day before the ex-dividend date), and you sold the stock on September 16, 2013. Irs gov forms You held the stock for 63 days (from July 16, 2013, through September 16, 2013). Irs gov forms The $500 of qualified dividends shown in box 1b of your Form 1099-DIV are all qualified dividends because you held the stock for 61 days of the 121-day period (from July 16, 2013, through September 14, 2013). Irs gov forms Example 3. Irs gov forms You bought 10,000 shares of ABC Mutual Fund common stock on July 9, 2013. Irs gov forms ABC Mutual Fund paid a cash dividend of 10 cents a share. Irs gov forms The ex-dividend date was July 16, 2013. Irs gov forms The ABC Mutual Fund advises you that the portion of the dividend eligible to be treated as qualified dividends equals 2 cents per share. Irs gov forms Your Form 1099-DIV from ABC Mutual Fund shows total ordinary dividends of $1,000 and qualified dividends of $200. Irs gov forms However, you sold the 10,000 shares on August 12, 2013. Irs gov forms You have no qualified dividends from ABC Mutual Fund because you held the ABC Mutual Fund stock for less than 61 days. Irs gov forms Holding period reduced where risk of loss is diminished. Irs gov forms   When determining whether you met the minimum holding period discussed earlier, you cannot count any day during which you meet any of the following conditions. Irs gov forms You had an option to sell, were under a contractual obligation to sell, or had made (and not closed) a short sale of substantially identical stock or securities. Irs gov forms You were grantor (writer) of an option to buy substantially identical stock or securities. Irs gov forms Your risk of loss is diminished by holding one or more other positions in substantially similar or related property. Irs gov forms   For information about how to apply condition (3), see Regulations section 1. Irs gov forms 246-5. Irs gov forms Qualified foreign corporation. Irs gov forms   A foreign corporation is a qualified foreign corporation if it meets any of the following conditions. Irs gov forms The corporation is incorporated in a U. Irs gov forms S. Irs gov forms possession. Irs gov forms The corporation is eligible for the benefits of a comprehensive income tax treaty with the United States that the Treasury Department determines is satisfactory for this purpose and that includes an exchange of information program. Irs gov forms For a list of those treaties, see Table 8-1. Irs gov forms The corporation does not meet (1) or (2) above, but the stock for which the dividend is paid is readily tradable on an established securities market in the United States. Irs gov forms See Readily tradable stock , later. Irs gov forms Exception. Irs gov forms   A corporation is not a qualified foreign corporation if it is a passive foreign investment company during its tax year in which the dividends are paid or during its previous tax year. Irs gov forms Readily tradable stock. Irs gov forms   Any stock (such as common, ordinary, or preferred) or an American depositary receipt in respect of that stock is considered to satisfy requirement (3) under Qualified foreign corporation , if it is listed on a national securities exchange that is registered under section 6 of the Securities Exchange Act of 1934 or on the Nasdaq Stock Market. Irs gov forms For a list of the exchanges that meet these requirements, see www. Irs gov forms sec. Irs gov forms gov/divisions/marketreg/mrexchanges. Irs gov forms shtml. Irs gov forms Dividends that are not qualified dividends. Irs gov forms   The following dividends are not qualified dividends. Irs gov forms They are not qualified dividends even if they are shown in box 1b of Form 1099-DIV. Irs gov forms Capital gain distributions. Irs gov forms Dividends paid on deposits with mutual savings banks, cooperative banks, credit unions, U. Irs gov forms S. Irs gov forms building and loan associations, U. Irs gov forms S. Irs gov forms savings and loan associations, federal savings and loan associations, and similar financial institutions. Irs gov forms (Report these amounts as interest income. Irs gov forms ) Dividends from a corporation that is a tax-exempt organization or farmer's cooperative during the corporation's tax year in which the dividends were paid or during the corporation's previous tax year. Irs gov forms Dividends paid by a corporation on employer securities held on the date of record by an employee stock ownership plan (ESOP) maintained by that corporation. Irs gov forms Dividends on any share of stock to the extent you are obligated (whether under a short sale or otherwise) to make related payments for positions in substantially similar or related property. Irs gov forms Payments in lieu of dividends, but only if you know or have reason to know the payments are not qualified dividends. Irs gov forms Payments shown in Form 1099-DIV, box 1b, from a foreign corporation to the extent you know or have reason to know the payments are not qualified dividends. Irs gov forms Table 8-1. Irs gov forms Income Tax Treaties Income tax treaties the United States has with the following countries satisfy requirement (2) under Qualified foreign corporation. Irs gov forms Australia Indonesia Romania Austria Ireland Russian Bangladesh Israel Federation Barbados Italy Slovak Belgium Jamaica Republic Bulgaria Japan Slovenia Canada Kazakhstan South Africa China Korea Spain Cyprus Latvia Sri Lanka Czech Lithuania Sweden Republic Luxembourg Switzerland Denmark Malta Thailand Egypt Mexico Trinidad and Estonia Morocco Tobago Finland Netherlands Tunisia France New Zealand Turkey Germany Norway Ukraine Greece Pakistan United Hungary Philippines Kingdom Iceland Poland Venezuela India Portugal     Dividends Used to Buy More Stock The corporation in which you own stock may have a dividend reinvestment plan. Irs gov forms This plan lets you choose to use your dividends to buy (through an agent) more shares of stock in the corporation instead of receiving the dividends in cash. Irs gov forms Most mutual funds also permit shareholders to automatically reinvest distributions in more shares in the fund, instead of receiving cash. Irs gov forms If you use your dividends to buy more stock at a price equal to its fair market value, you still must report the dividends as income. Irs gov forms If you are a member of a dividend reinvestment plan that lets you buy more stock at a price less than its fair market value, you must report as dividend income the fair market value of the additional stock on the dividend payment date. Irs gov forms You also must report as dividend income any service charge subtracted from your cash dividends before the dividends are used to buy the additional stock. Irs gov forms But you may be able to deduct the service charge. Irs gov forms See chapter 28 for more information about deducting expenses of producing income. Irs gov forms In some dividend reinvestment plans, you can invest more cash to buy shares of stock at a price less than fair market value. Irs gov forms If you choose to do this, you must report as dividend income the difference between the cash you invest and the fair market value of the stock you buy. Irs gov forms When figuring this amount, use the fair market value of the stock on the dividend payment date. Irs gov forms Money Market Funds Report amounts you receive from money market funds as dividend income. Irs gov forms Money market funds are a type of mutual fund and should not be confused with bank money market accounts that pay interest. Irs gov forms Capital Gain Distributions Capital gain distributions (also called capital gain dividends) are paid to you or credited to your account by mutual funds (or other regulated investment companies) and real estate investment trusts (REITs). Irs gov forms They will be shown in box 2a of the Form 1099-DIV you receive from the mutual fund or REIT. Irs gov forms Report capital gain distributions as long-term capital gains, regardless of how long you owned your shares in the mutual fund or REIT. Irs gov forms Undistributed capital gains of mutual funds and REITs. Irs gov forms    Some mutual funds and REITs keep their long-term capital gains and pay tax on them. Irs gov forms You must treat your share of these gains as distributions, even though you did not actually receive them. Irs gov forms However, they are not included on Form 1099-DIV. Irs gov forms Instead, they are reported to you in box 1a of Form 2439. Irs gov forms   Report undistributed capital gains (box 1a of Form 2439) as long-term capital gains on Schedule D (Form 1040), column (h), line 11. Irs gov forms   The tax paid on these gains by the mutual fund or REIT is shown in box 2 of Form 2439. Irs gov forms You take credit for this tax by including it on Form 1040, line 71, and checking box a on that line. Irs gov forms Attach Copy B of Form 2439 to your return, and keep Copy C for your records. Irs gov forms Basis adjustment. Irs gov forms   Increase your basis in your mutual fund, or your interest in a REIT, by the difference between the gain you report and the credit you claim for the tax paid. Irs gov forms Additional information. Irs gov forms   For more information on the treatment of distributions from mutual funds, see Publication 550. Irs gov forms Nondividend Distributions A nondividend distribution is a distribution that is not paid out of the earnings and profits of a corporation or a mutual fund. Irs gov forms You should receive a Form 1099-DIV or other statement showing the nondividend distribution. Irs gov forms On Form 1099-DIV, a nondividend distribution will be shown in box 3. Irs gov forms If you do not receive such a statement, you report the distribution as an ordinary dividend. Irs gov forms Basis adjustment. Irs gov forms   A nondividend distribution reduces the basis of your stock. Irs gov forms It is not taxed until your basis in the stock is fully recovered. Irs gov forms This nontaxable portion is also called a return of capital; it is a return of your investment in the stock of the company. Irs gov forms If you buy stock in a corporation in different lots at different times, and you cannot definitely identify the shares subject to the nondividend distribution, reduce the basis of your earliest purchases first. Irs gov forms   When the basis of your stock has been reduced to zero, report any additional nondividend distribution you receive as a capital gain. Irs gov forms Whether you report it as a long-term or short-term capital gain depends on how long you have held the stock. Irs gov forms See Holding Period in chapter 14. Irs gov forms Example. Irs gov forms You bought stock in 2000 for $100. Irs gov forms In 2003, you received a nondividend distribution of $80. Irs gov forms You did not include this amount in your income, but you reduced the basis of your stock to $20. Irs gov forms You received a nondividend distribution of $30 in 2013. Irs gov forms The first $20 of this amount reduced your basis to zero. Irs gov forms You report the other $10 as a long-term capital gain for 2013. Irs gov forms You must report as a long-term capital gain any nondividend distribution you receive on this stock in later years. Irs gov forms Liquidating Distributions Liquidating distributions, sometimes called liquidating dividends, are distributions you receive during a partial or complete liquidation of a corporation. Irs gov forms These distributions are, at least in part, one form of a return of capital. Irs gov forms They may be paid in one or more installments. Irs gov forms You will receive Form 1099-DIV from the corporation showing you the amount of the liquidating distribution in box 8 or 9. Irs gov forms For more information on liquidating distributions, see chapter 1 of Publication 550. Irs gov forms Distributions of Stock and Stock Rights Distributions by a corporation of its own stock are commonly known as stock dividends. Irs gov forms Stock rights (also known as “stock options”) are distributions by a corporation of rights to acquire the corporation's stock. Irs gov forms Generally, stock dividends and stock rights are not taxable to you, and you do not report them on your return. Irs gov forms Taxable stock dividends and stock rights. Irs gov forms   Distributions of stock dividends and stock rights are taxable to you if any of the following apply. Irs gov forms You or any other shareholder have the choice to receive cash or other property instead of stock or stock rights. Irs gov forms The distribution gives cash or other property to some shareholders and an increase in the percentage interest in the corporation's assets or earnings and profits to other shareholders. Irs gov forms The distribution is in convertible preferred stock and has the same result as in (2). Irs gov forms The distribution gives preferred stock to some common stock shareholders and common stock to other common stock shareholders. Irs gov forms The distribution is on preferred stock. Irs gov forms (The distribution, however, is not taxable if it is an increase in the conversion ratio of convertible preferred stock made solely to take into account a stock dividend, stock split, or similar event that would otherwise result in reducing the conversion right. Irs gov forms )   The term “stock” includes rights to acquire stock, and the term “shareholder” includes a holder of rights or of convertible securities. Irs gov forms If you receive taxable stock dividends or stock rights, include their fair market value at the time of distribution in your income. Irs gov forms Preferred stock redeemable at a premium. Irs gov forms   If you hold preferred stock having a redemption price higher than its issue price, the difference (the redemption premium) generally is taxable as a constructive distribution of additional stock on the preferred stock. Irs gov forms For more information, see chapter 1 of Publication 550. Irs gov forms Basis. Irs gov forms   Your basis in stock or stock rights received in a taxable distribution is their fair market value when distributed. Irs gov forms If you receive stock or stock rights that are not taxable to you, see Stocks and Bonds under Basis of Investment Property in chapter 4 of Publication 550 for information on how to figure their basis. Irs gov forms Fractional shares. Irs gov forms    You may not own enough stock in a corporation to receive a full share of stock if the corporation declares a stock dividend. Irs gov forms However, with the approval of the shareholders, the corporation may set up a plan in which fractional shares are not issued but instead are sold, and the cash proceeds are given to the shareholders. Irs gov forms Any cash you receive for fractional shares under such a plan is treated as an amount realized on the sale of the fractional shares. Irs gov forms Report this transaction on Form 8949, Sales and Other Dispositions of Capital Assets. Irs gov forms Enter your gain or loss, the difference between the cash you receive and the basis of the fractional shares sold, in column (h) of Schedule D (Form 1040) in Part I or Part II, whichever is appropriate. Irs gov forms    Report these transactions on Form 8949 with the correct box checked. Irs gov forms   For more information on Form 8949 and Schedule D (Form 1040), see chapter 4 of Publication 550. Irs gov forms Also see the Instructions for Form 8949 and the Instructions for Schedule D (Form 1040). Irs gov forms Example. Irs gov forms You own one share of common stock that you bought on January 3, 2004, for $100. Irs gov forms The corporation declared a common stock dividend of 5% on June 29, 2013. Irs gov forms The fair market value of the stock at the time the stock dividend was declared was $200. Irs gov forms You were paid $10 for the fractional-share stock dividend under a plan described in the discussion above. Irs gov forms You figure your gain or loss as follows: Fair market value of old stock $200. Irs gov forms 00 Fair market value of stock dividend (cash received) +10. Irs gov forms 00 Fair market value of old stock and stock dividend $210. Irs gov forms 00 Basis (cost) of old stock after the stock dividend (($200 ÷ $210) × $100) $95. Irs gov forms 24 Basis (cost) of stock dividend (($10 ÷ $210) × $100) + 4. Irs gov forms 76 Total $100. Irs gov forms 00 Cash received $10. Irs gov forms 00 Basis (cost) of stock dividend − 4. Irs gov forms 76 Gain $5. Irs gov forms 24 Because you had held the share of stock for more than 1 year at the time the stock dividend was declared, your gain on the stock dividend is a long-term capital gain. Irs gov forms Scrip dividends. Irs gov forms   A corporation that declares a stock dividend may issue you a scrip certificate that entitles you to a fractional share. Irs gov forms The certificate is generally nontaxable when you receive it. Irs gov forms If you choose to have the corporation sell the certificate for you and give you the proceeds, your gain or loss is the difference between the proceeds and the portion of your basis in the corporation's stock allocated to the certificate. Irs gov forms   However, if you receive a scrip certificate that you can choose to redeem for cash instead of stock, the certificate is taxable when you receive it. Irs gov forms You must include its fair market value in income on the date you receive it. Irs gov forms Other Distributions You may receive any of the following distributions during the year. Irs gov forms Exempt-interest dividends. Irs gov forms   Exempt-interest dividends you receive from a mutual fund or other regulated investment company, including those received from a qualified fund of funds in any tax year beginning after December 22, 2010, are not included in your taxable income. Irs gov forms Exempt-interest dividends should be shown in box 10 of Form 1099-DIV. Irs gov forms Information reporting requirement. Irs gov forms   Although exempt-interest dividends are not taxable, you must show them on your tax return if you have to file a return. Irs gov forms This is an information reporting requirement and does not change the exempt-interest dividends to taxable income. Irs gov forms Alternative minimum tax treatment. Irs gov forms   Exempt-interest dividends paid from specified private activity bonds may be subject to the alternative minimum tax. Irs gov forms See Alternative Minimum Tax (AMT) in chapter 30 for more information. Irs gov forms Dividends on insurance policies. Irs gov forms    Insurance policy dividends the insurer keeps and uses to pay your premiums are not taxable. Irs gov forms However, you must report as taxable interest income the interest that is paid or credited on dividends left with the insurance company. Irs gov forms    If dividends on an insurance contract (other than a modified endowment contract) are distributed to you, they are a partial return of the premiums you paid. Irs gov forms Do not include them in your gross income until they are more than the total of all net premiums you paid for the contract. Irs gov forms Report any taxable distributions on insurance policies on Form 1040, line 21. Irs gov forms Dividends on veterans' insurance. Irs gov forms   Dividends you receive on veterans' insurance policies are not taxable. Irs gov forms In addition, interest on dividends left with the Department of Veterans Affairs is not taxable. Irs gov forms Patronage dividends. Irs gov forms   Generally, patronage dividends you receive in money from a cooperative organization are included in your income. Irs gov forms   Do not include in your income patronage dividends you receive on: Property bought for your personal use, or Capital assets or depreciable property bought for use in your business. Irs gov forms But you must reduce the basis (cost) of the items bought. Irs gov forms If the dividend is more than the adjusted basis of the assets, you must report the excess as income. Irs gov forms   These rules are the same whether the cooperative paying the dividend is a taxable or tax-exempt cooperative. Irs gov forms Alaska Permanent Fund dividends. Irs gov forms    Do not report these amounts as dividends. Irs gov forms Instead, report these amounts on Form 1040, line 21; Form 1040A, line 13; or Form 1040EZ, line 3. Irs gov forms How To Report Dividend Income Generally, you can use either Form 1040 or Form 1040A to report your dividend income. Irs gov forms Report the total of your ordinary dividends on line 9a of Form 1040 or Form 1040A. Irs gov forms Report qualified dividends on line 9b of Form 1040 or Form 1040A. Irs gov forms If you receive capital gain distributions, you may be able to use Form 1040A or you may have to use Form 1040. Irs gov forms See Exceptions to filing Form 8949 and Schedule D (Form 1040) in chapter 16. Irs gov forms If you receive nondividend distributions required to be reported as capital gains, you must use Form 1040. Irs gov forms You cannot use Form 1040EZ if you receive any dividend income. Irs gov forms Form 1099-DIV. Irs gov forms   If you owned stock on which you received $10 or more in dividends and other distributions, you should receive a Form 1099-DIV. Irs gov forms Even if you do not receive Form 1099-DIV, you must report all your dividend income. Irs gov forms   See Form 1099-DIV for more information on how to report dividend income. Irs gov forms Form 1040A or 1040. Irs gov forms    You must complete Schedule B (Form 1040A or 1040), Part II, and attach it to your Form 1040A or 1040, if: Your ordinary dividends (Form 1099-DIV, box 1a) are more than $1,500, or You received, as a nominee, dividends that actually belong to someone else. Irs gov forms If your ordinary dividends are more than $1,500, you must also complete Schedule B (Form 1040A or 1040), Part III. Irs gov forms   List on Schedule B (Form 1040A or 1040), Part II, line 5, each payer's name and the ordinary dividends you received. Irs gov forms If your securities are held by a brokerage firm (in “street name”), list the name of the brokerage firm shown on Form 1099-DIV as the payer. Irs gov forms If your stock is held by a nominee who is the owner of record, and the nominee credited or paid you dividends on the stock, show the name of the nominee and the dividends you received or for which you were credited. Irs gov forms   Enter on line 6 the total of the amounts listed on line 5. Irs gov forms Also enter this total on line 9a of Form 1040A or 1040. Irs gov forms Qualified dividends. Irs gov forms   Report qualified dividends (Form 1099-DIV, box 1b) on line 9b of Form 1040 or Form 1040A. Irs gov forms The amount in box 1b is already included in box 1a. Irs gov forms Do not add the amount in box 1b to, or substract it from, the amount in box 1a. Irs gov forms   Do not include any of the following on line 9b. Irs gov forms Qualified dividends you received as a nominee. Irs gov forms See Nominees under How to Report Dividend Income in chapter 1 of Publication 550. Irs gov forms Dividends on stock for which you did not meet the holding period. Irs gov forms See Holding period , earlier under Qualified Dividends. Irs gov forms Dividends on any share of stock to the extent you are obligated (whether under a short sale or otherwise) to make related payments for positions in substantially similar or related property. Irs gov forms Payments in lieu of dividends, but only if you know or have reason to know the payments are not qualified dividends. Irs gov forms Payments shown in Form 1099-DIV, box 1b, from a foreign corporation to the extent you know or have reason to know the payments are not qualified dividends. Irs gov forms   If you have qualified dividends, you must figure your tax by completing the Qualified Dividends and Capital Gain Tax Worksheet in the Form 1040 or 1040A instructions or the Schedule D Tax Worksheet in the Schedule D (Form 1040) instructions, whichever applies. Irs gov forms Enter qualified dividends on line 2 of the worksheet. Irs gov forms Investment interest deducted. Irs gov forms   If you claim a deduction for investment interest, you may have to reduce the amount of your qualified dividends that are eligible for the 0%, 15%, or 20% tax rate. Irs gov forms Reduce it by the qualified dividends you choose to include in investment income when figuring the limit on your investment interest deduction. Irs gov forms This is done on the Qualified Dividends and Capital Gain Tax Worksheet or the Schedule D Tax Worksheet. Irs gov forms For more information about the limit on investment interest, see Investment expenses in chapter 23. Irs gov forms Expenses related to dividend income. Irs gov forms   You may be able to deduct expenses related to dividend income if you itemize your deductions on Schedule A (Form 1040). Irs gov forms See chapter 28 for general information about deducting expenses of producing income. Irs gov forms More information. Irs gov forms    For more information about how to report dividend income, see chapter 1 of Publication 550 or the instructions for the form you must file. Irs gov forms Prev  Up  Next   Home   More Online Publications
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Irs gov forms 12. Irs gov forms   Filing Form 720 Table of Contents Attachments to Form 720. Irs gov forms Conditions to allowance. Irs gov forms Use Form 720 to report and pay the excise taxes previously discussed in this publication. Irs gov forms File Form 720 for each calendar quarter until you file a final Form 720. Irs gov forms For information on filing Form 720 electronically, visit the IRS e-file website at www. Irs gov forms irs. Irs gov forms gov/efile. Irs gov forms You may be required to file your returns on a monthly or semimonthly basis instead of quarterly if you do not make deposits as required (see Payment of Taxes, later) or are liable for the excise tax on taxable fuels and meet certain conditions. Irs gov forms Form 720 has three parts and three schedules. Irs gov forms Part I consists of excise taxes generally required to be deposited (see Payment of Taxes, later). Irs gov forms Part II consists of excise taxes that are not required to be deposited. Irs gov forms Part III is used to figure your tax liability for the quarter and the amount of any balance due or overpayment. Irs gov forms Schedule A, Excise Tax Liability, is used to record your net tax liability for each semimonthly period in a quarter. Irs gov forms Complete it if you have an entry in Part I. Irs gov forms Schedule C, Claims, is used to make claims. Irs gov forms However, Schedule C can only be used if you are reporting a liability in Part I or Part II. Irs gov forms Schedule T, Two-Party Exchange Information Reporting, is used to report certain exchanges of taxable fuel before or in connection with the removal at the terminal rack. Irs gov forms Attachments to Form 720. Irs gov forms   You may have to attach the following forms. Irs gov forms Form 6197 for the gas guzzler tax. Irs gov forms Form 6627 for environmental taxes. Irs gov forms Form 720X. Irs gov forms   This form is used to make adjustments to Forms 720 filed in prior quarters. Irs gov forms You can file Form 720X by itself or, if it shows a decrease in tax, you can attach it to Form 720. Irs gov forms See Form 720X for more information. Irs gov forms Conditions to allowance. Irs gov forms   For tax decreases, the claimant must check the appropriate box on Form 720X stating that: For adjustments of communications or air transportation taxes, the claimant has: Repaid the tax to the person from whom it was collected, or Obtained the consent of that person to the allowance of the adjustment. Irs gov forms For other adjustments, the claimant has: Not included the tax in the price of the article and not collected the tax from the purchaser, Repaid the tax to the ultimate purchaser, or Attached the written consent of the ultimate purchaser to the allowance of the adjustment. Irs gov forms However, the conditions listed under (2) do not apply to environmental taxes, the ship passenger tax, obligations not in registered form, foreign insurance taxes, fuels used on inland waterways, cellulosic or second generation biofuel sold as but not used as fuel, biodiesel sold as fuel but not used as fuel, and certain fuel taxes if the tax was based on use (for example, dyed diesel fuel used in trains, LPG, and CNG). Irs gov forms Final return. Irs gov forms   File a final return if: You go out of business, or You will not owe excise taxes that are reportable on Form 720 in future quarters. Irs gov forms Due dates. Irs gov forms   Form 720 must be filed by the following due dates. Irs gov forms Quarter Covered Due Dates January, February, March April 30 April, May, June July 31 July, August, September October 31 October, November, December January 31   If any due date falls on a Saturday, Sunday, or legal holiday, you can file the return on the next business day. Irs gov forms One-time filing. Irs gov forms   If you import a gas guzzling automobile, you may be eligible to make a one-time filing using your SSN if you: Do not import gas guzzling automobiles in the course of your trade or business, and Are not required to file Form 720 reporting other excise taxes for the calendar quarter, except for a one-time filing. Irs gov forms   If you meet both requirements above, see Gas guzzler tax (IRS No. Irs gov forms 40) in the Instructions for Form 720 for how to file and pay the tax. Irs gov forms Payment voucher. Irs gov forms   Form 720-V, Payment Voucher, must be included with Form 720 if you have a balance due on line 10 of Form 720 and you are making your payment by check or money order. Irs gov forms Prev  Up  Next   Home   More Online Publications