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Need To Amend Tax Return

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Need To Amend Tax Return

Need to amend tax return 9. Need to amend tax return   Ingresos y Gastos de Alquiler Table of Contents Introduction Useful Items - You may want to see: Ingresos de Alquiler Gastos de AlquilerDesocupada mientras está en venta. Need to amend tax return Reparaciones y Mejoras Otros Gastos Propiedad que Pasa a Ser de Alquiler Alquiler de Parte de una Propiedad Alquiler sin Fines de Lucro Uso Personal de una Unidad Habitable (Incluyendo una Casa de Vacaciones)Cómo Dividir los Gastos Unidad Habitable Usada como Vivienda Cómo Declarar Ingresos y Deducciones DepreciaciónCambio de método contable para deducir depreciación no declarada. Need to amend tax return Límites sobre las Pérdidas de AlquilerReglas sobre el Monto de Riesgo Límites sobre las Actividades Pasivas Cómo Declarar Ingresos y Gastos de AlquilerAnexo E (Formulario 1040) Introduction Este capítulo trata sobre los ingresos y gastos de alquiler y abarca también los temas siguientes: Uso personal de una unidad habitable (incluyendo una casa de vacaciones). Need to amend tax return Depreciación. Need to amend tax return Límites sobre las pérdidas de alquiler. Need to amend tax return Cómo declarar sus ingresos y gastos de alquiler. Need to amend tax return Si vende o enajena su propiedad alquilada, vea la Publicación 544, Sales and Other Dispositions of Assets (Ventas y otras enajenaciones de bienes), en inglés. Need to amend tax return Si ha sufrido una pérdida por daños a su propiedad de alquiler o por el robo de ésta, vea la Publicación 547(SP), Hechos Fortuitos, Desastres y Robos. Need to amend tax return Si alquila un condominio o un apartamento de una cooperativa de viviendas, existen reglas especiales que son aplicables en su caso, aunque recibe un trato tributable igual al de los demás dueños de propiedad alquilada. Need to amend tax return Vea la Publicación 527, Residential Rental Property (Propiedad residencial de alquiler), en inglés, para más información. Need to amend tax return Useful Items - You may want to see: Publicación 527 Residential Rental Property (Propiedad residencial de alquiler), en inglés 534 Depreciating Property Placed in Service Before 1987 (Depreciación de propiedad puesta en uso antes de 1987), en inglés 535 Business Expenses (Gastos de negocio), en inglés 925 Passive Activity and At-Risk Rules (Actividad pasiva y reglas sobre el monto a riesgo), en inglés 946 How To Depreciate Property (Cómo depreciar la propiedad), en inglés Formulario (e Instrucciones) 4562 Depreciation and Amortization (Depreciación y amortización), en inglés 6251 Alternative Minimum Tax – Individuals (Impuesto mínimo alternativo —personas físicas), en inglés 8582 Passive Activity Loss Limitations (Limitaciones de las pérdidas de actividades pasivas), en inglés Anexo E (Formulario 1040) Supplemental Income and Loss (Ingresos y pérdidas suplementarios), en inglés Ingresos de Alquiler En la mayoría de los casos, tiene que incluir en su ingreso bruto todas las cantidades que reciba como alquiler. Need to amend tax return El ingreso de alquiler es todo pago que reciba por el uso u ocupación de la propiedad. Need to amend tax return Además de las cantidades que reciba como pagos de alquiler normales, hay otras cantidades que pueden considerarse ingreso de alquiler. Need to amend tax return Cuándo declarar los ingresos de alquiler. Need to amend tax return   Si usted es contribuyente que utiliza el método a base de efectivo, declare el ingreso de alquiler en su declaración de impuestos para el año en que realmente o implícitamente lo recibió. Need to amend tax return Usted es contribuyente que utiliza el método a base de efectivo si declara ingreso en el año en que lo recibe, sin tener en cuenta cuándo ganó dicho ingreso. Need to amend tax return Usted recibe ingresos implícitamente cuando los adquiere, por ejemplo, al ser abonados en su cuenta bancaria. Need to amend tax return   Para más información sobre el recibo implícito de ingresos, vea Métodos Contables , en el capítulo 1. Need to amend tax return Alquiler anticipado. Need to amend tax return   El alquiler anticipado es toda cantidad que reciba antes del período que cubre el pago. Need to amend tax return Incluya el alquiler anticipado en su ingreso de alquiler en el año en que lo recibe, sin tener en cuenta el período cubierto ni el método contable que utilice. Need to amend tax return Ejemplo. Need to amend tax return Usted firma un contrato de arrendamiento de 10 años para alquilar su propiedad. Need to amend tax return Durante el primer año, recibe $5,000 por el alquiler del primer año y $5,000 por el alquiler del último año indicado en el contrato de arrendamiento. Need to amend tax return Usted tiene que incluir $10,000 en su ingreso en el primer año. Need to amend tax return Anulación de un contrato de arrendamiento. Need to amend tax return   Si su inquilino le paga para anular un contrato de arrendamiento, la cantidad que reciba se considera alquiler. Need to amend tax return Incluya este pago en sus ingresos del año en que lo recibió, independientemente de cuál sea su método contable. Need to amend tax return Gastos pagados por el inquilino. Need to amend tax return   Si su inquilino paga cualquiera de los gastos suyos, los pagos se consideran ingreso de alquiler. Need to amend tax return Ya que tiene que incluir los gastos en su ingreso, puede deducir los gastos si representan gastos de alquiler deducibles. Need to amend tax return Vea Gastos de Alquiler , más adelante, para información adicional. Need to amend tax return Propiedad o servicios. Need to amend tax return   Si recibe propiedad o servicios como alquiler, en vez de dinero, incluya el valor justo de mercado de la propiedad o de los servicios en su ingreso de alquiler. Need to amend tax return   Si los servicios son proporcionados a un precio acordado o especificado o sobre el cual los interesados se han puesto de acuerdo, ese precio será el valor justo de mercado a no ser que existan pruebas de lo contrario. Need to amend tax return Depósitos de garantía. Need to amend tax return   No incluya un depósito de garantía en su ingreso cuando lo reciba si tiene la intención de devolvérselo a su inquilino al término del contrato de arrendamiento. Need to amend tax return Pero si guarda todo o una parte del depósito de garantía o la totalidad de éste, durante cualquier año porque su inquilino no cumplió las condiciones del contrato de arrendamiento, incluya la cantidad que mantuvo como ingresos en ese año. Need to amend tax return   Si una cantidad denominada depósito de garantía se utilizará como último pago de alquiler, se considerará alquiler anticipado. Need to amend tax return Inclúyala en sus ingresos cuando la reciba. Need to amend tax return Participación parcial. Need to amend tax return   Si tiene participación parcial en una propiedad de alquiler, tendrá que declarar su parte del ingreso de alquiler que haya recibido de la propiedad. Need to amend tax return Alquiler de propiedad que se usa también como su vivienda personal. Need to amend tax return   Si alquila propiedad que también usa como su vivienda personal y la alquila por menos de 15 días durante el año tributario, no incluya el alquiler que reciba en sus ingresos y no deduzca los gastos de dicho alquiler. Need to amend tax return Sin embargo, puede deducir en el Anexo A (Formulario 1040) los intereses, los impuestos y las pérdidas personales causadas por hechos fortuitos o robos que se admiten para propiedad no alquilada. Need to amend tax return Vea Uso Personal de una Unidad Habitable (Incluyendo una Casa de Vacaciones) , más adelante. Need to amend tax return Gastos de Alquiler Esta sección trata sobre los gastos de alquiler que usted generalmente puede deducir de su ingreso de alquiler. Need to amend tax return También en esta sección se incluye información sobre los gastos que puede deducir si alquila una parte de su propiedad, o si cambia sus bienes para propósitos de alquiler. Need to amend tax return La depreciación , la cual también puede deducir de su ingreso de alquiler, se explica más adelante. Need to amend tax return Uso personal de propiedad de alquiler. Need to amend tax return   Si a veces usa su propiedad de alquiler para fines personales, tiene que dividir los gastos entre uso por alquiler y uso personal. Need to amend tax return Además, sus deducciones por gastos de alquiler pueden ser limitadas. Need to amend tax return Vea Uso Personal de una Unidad Habitable (Incluyendo una Casa de Vacaciones) , más adelante. Need to amend tax return Participación parcial. Need to amend tax return   Si tiene participación parcial en una propiedad de alquiler, los gastos pagados se pueden deducir según el porcentaje de propiedad que le corresponde. Need to amend tax return Cuándo deducir los gastos de alquiler. Need to amend tax return   Si es contribuyente que utiliza el método a base de efectivo, usted generalmente deduce sus gastos de alquiler en el año en que los paga. Need to amend tax return Depreciación. Need to amend tax return   Puede empezar a depreciar la propiedad de alquiler cuando esté lista y disponible para ser alquilada. Need to amend tax return Vea Placed in Service (Puesta en uso) bajo When Does Depreciation Begin and End (¿Cuándo comienza y termina la depreciación?), en el capítulo 2 de la Publicación 527, en inglés. Need to amend tax return Gastos previos al alquiler. Need to amend tax return   Puede deducir sus gastos ordinarios y necesarios por administrar, conservar o mantener propiedad de alquiler a partir de la fecha en que la ponga a la disposición de inquilinos. Need to amend tax return Alquileres por cobrar. Need to amend tax return   Si es contribuyente que utiliza el método a base de efectivo, no deduzca los alquileres por cobrar. Need to amend tax return Debido a que no los incluye en su ingreso, no los puede deducir. Need to amend tax return Propiedad desocupada de alquiler. Need to amend tax return   Si tiene propiedad de alquiler, es posible que pueda deducir los gastos ordinarios y necesarios (incluyendo depreciación) por administrar, conservar o mantener la propiedad mientras esté desocupada. Need to amend tax return Sin embargo, no puede deducir pérdida alguna del ingreso de alquiler para el período en que la propiedad está desocupada. Need to amend tax return Desocupada mientras está en venta. Need to amend tax return   Si vende alguna propiedad que tenía para alquiler, usted puede deducir los gastos ordinarios y necesarios para administrar, conservar o mantener la propiedad hasta que se venda. Need to amend tax return Si la propiedad no se ofrece ni está disponible para ser alquilada mientras está en venta, los gastos no son gastos de alquiler deducibles. Need to amend tax return Reparaciones y Mejoras Generalmente, un gasto por reparaciones o mantenimiento de su propiedad de alquiler se puede deducir si no está requerido a capitalizar el gasto. Need to amend tax return Mejoras. Need to amend tax return   Tiene que capitalizar cualquier gasto que pague para mejorar su propiedad de alquiler. Need to amend tax return Un gasto es para una mejora si resulta en un mejoramiento de su propiedad, si restaura su propiedad, o modifica su propiedad para un uso nuevo o diferente. Need to amend tax return Mejoramientos. Need to amend tax return   Gastos que pueden resultar en un mejoramiento a su propiedad incluyen gastos para arreglar un defecto o fallo preexistente, ampliar o expander su propiedad, o aumentar la capacidad, resistencia, o calidad de su propiedad. Need to amend tax return Restauración. Need to amend tax return   Gastos que pueden ser para la restauración incluyen gastos para reemplazar una parte sustancial de la estructura de su propiedad, reparar daños resultantes de un hecho fortuito después de ajustar la base correctamente, o reconstruir su propiedad para restaurarla a una condición como nueva. Need to amend tax return Adaptación. Need to amend tax return   Gastos que pueden ser para la adaptación incluyen gastos para modificar su propiedad con fines de darle un uso que no sea el uso previsto y ordinario de la propiedad cuando empezó a alquilarla. Need to amend tax return Separe los costos de reparaciones de los costos de mejoras y mantenga registros precisos de éstos. Need to amend tax return Usted necesitará saber el costo de mejoras cuando venda o deprecie su propiedad. Need to amend tax return Por lo general, los gastos capitalizados para la mejora de su propiedad se pueden depreciar como si la mejora fuera propiedad separada. Need to amend tax return Otros Gastos Otros gastos que puede deducir de los ingresos de alquiler incluyen publicidad, servicios de limpieza y mantenimiento, servicios públicos, seguro contra incendios y seguro de daños a terceros, impuestos, intereses, comisiones por el cobro de alquiler, viajes y transporte ordinarios y necesarios, y otros gastos explicados a continuación. Need to amend tax return Primas de seguro pagadas por anticipado. Need to amend tax return   Si paga una prima de seguro con más de un año de anticipación, por cada año de cobertura puede deducir la parte del pago de la prima que corresponderá a ese año. Need to amend tax return No puede deducir la prima total en el año en que usted la pague. Need to amend tax return Honorarios legales y otros honorarios profesionales. Need to amend tax return   Puede deducir, como gastos de alquiler, gastos legales y otros gastos profesionales; por ejemplo, gastos de preparación de la declaración de impuestos que pagó por preparar la Parte I del Anexo E (Formulario 1040). Need to amend tax return Por ejemplo, en su Anexo E del año 2013, usted puede deducir cargos pagados en el año 2013 por preparar la Parte I de su Anexo E del año 2012. Need to amend tax return También puede deducir, como gasto de alquiler, todo gasto (que no sea impuestos federales y multas) que haya pagado para resolver un pago incompleto de impuestos relacionado con sus actividades de alquiler. Need to amend tax return Impuestos sobre beneficios locales. Need to amend tax return   Por lo general, no puede deducir cargos por beneficios locales que aumenten el valor de su propiedad, tales como cargos por construir calles, banquetas o aceras, o sistemas de agua o alcantarillado. Need to amend tax return Estos cobros son gastos de capital que no se pueden depreciar y se tienen que añadir a la base de su propiedad. Need to amend tax return No obstante, puede deducir impuestos sobre beneficios locales si son para mantener, reparar o pagar cargos de intereses por los beneficios. Need to amend tax return Gastos de transporte local. Need to amend tax return    Tal vez pueda deducir sus gastos de transporte local ordinarios y necesarios si incurrió en los mismos para cobrar ingresos de alquiler o para administrar, conservar o mantener su propiedad alquilada. Need to amend tax return Sin embargo, los gastos incurridos para viajar y regresar desde su domicilio a una propiedad de alquiler constituyen gastos no deducibles por la ida y vuelta a su trabajo, a menos que utilice su domicilio como lugar principal de negocios. Need to amend tax return Vea la Publicación 587, Business Use of Your Home (Uso de su domicilio para propósitos comerciales), en inglés, para saber si la oficina en su domicilio puede considerarse lugar principal de negocios. Need to amend tax return   Generalmente, si usa su automóvil personal, camioneta o furgoneta para actividades de alquiler, puede deducir sus gastos usando uno de los métodos siguientes: los gastos reales o la tasa estándar por milla. Need to amend tax return Para 2013, la tarifa estándar por milla de uso comercial es 56. Need to amend tax return 5 centavos por milla. Need to amend tax return Para más información, vea el capítulo 26. Need to amend tax return    Para deducir los gastos de automóvil bajo cualquiera de los dos métodos, tiene que mantener documentación que cumpla los requisitos del capítulo 26. Need to amend tax return Además, tiene que completar la Parte V del Formulario 4562, en inglés, y adjuntarla a su declaración de impuestos. Need to amend tax return Alquiler de equipo. Need to amend tax return   Puede deducir el alquiler que pague por equipo que utilice para propósitos de alquiler. Need to amend tax return Sin embargo, en algunos casos, los contratos de arrendamiento son en realidad contratos de compra. Need to amend tax return De ser así, usted no puede deducir estos pagos. Need to amend tax return Por medio de depreciación, puede recuperar el costo del equipo que usted haya comprado. Need to amend tax return Alquiler de propiedad. Need to amend tax return   Puede deducir el alquiler que usted pague por propiedad que usa para propósitos de alquiler. Need to amend tax return Si compra derechos de arrendamiento con fines de alquiler, puede deducir una parte igual del costo cada año a lo largo de la vigencia del contrato de arrendamiento. Need to amend tax return Gastos de viaje. Need to amend tax return   Puede deducir los gastos ordinarios y necesarios asociados con viajes fuera del área donde viva usted si el motivo principal del viaje es cobrar ingreso de alquiler o para administrar, conservar, o mantener su propiedad de alquiler. Need to amend tax return Tiene que asignar sus gastos correctamente entre actividades de alquiler y actividades para otros fines. Need to amend tax return Usted no puede deducir los gastos asociados con viajes fuera del área donde vive si el motivo principal del viaje fue realizar mejoras a su propiedad. Need to amend tax return Por medio de la depreciación, se recupera el costo de mejoras. Need to amend tax return Para más información sobre gastos de viaje, vea el capítulo 26. Need to amend tax return    Para deducir gastos de viaje, tiene que mantener documentación que cumpla los requisitos del capítulo 26. Need to amend tax return   Vea la sección titulada Rental Expenses (Gastos de alquiler), en la Publicación 527, en inglés, para más información. Need to amend tax return Propiedad que Pasa a Ser de Alquiler Si cambia su casa u otra propiedad (o una parte de ella) para uso de alquiler en cualquier momento que no sea al principio del año tributario, tendrá que dividir sus gastos anuales, tales como los impuestos y el seguro, entre uso por alquiler y uso personal. Need to amend tax return Puede deducir como gastos de alquiler solamente la parte del gasto que corresponde a la parte del año en que usó o mantuvo la propiedad para propósitos de alquiler. Need to amend tax return No puede deducir depreciación o seguro alguno por la parte del año en que mantuvo la propiedad para uso personal. Need to amend tax return Sin embargo, puede incluir los intereses hipotecarios sobre su casa, primas de seguro hipotecario que reúnan los requisitos y los gastos de los impuestos de bienes raíces como deducción detallada en el Anexo A (Formulario 1040) para la parte del año en que la propiedad se usó para fines personales. Need to amend tax return Ejemplo. Need to amend tax return Su año tributario es el año natural. Need to amend tax return Usted se mudó de su casa en mayo y empezó a alquilarla el 1 de junio. Need to amend tax return Puede deducir como gastos de alquiler siete doceavos (7/12) de sus gastos anuales, tales como impuestos y seguro. Need to amend tax return A partir del mes de junio, puede deducir como gastos de alquiler las cantidades que paga por artículos que generalmente se facturan mensualmente, como es el caso de los servicios públicos. Need to amend tax return Alquiler de Parte de una Propiedad Si alquila una parte de su propiedad, tiene que dividir ciertos gastos entre la parte de la propiedad usada para propósitos de alquiler y aquélla usada para fines personales como si tuviera realmente dos propiedades distintas. Need to amend tax return Usted puede deducir los gastos relacionados con la parte de la propiedad usada para alquiler, tales como intereses hipotecarios sobre su casa, primas de seguro hipotecario que reúnan los requisitos e impuestos de bienes raíces, como gastos de alquiler en el Anexo E (Formulario 1040). Need to amend tax return También puede deducir como gastos de alquiler una parte de otros gastos que normalmente son gastos personales no deducibles, tales como aquéllos de electricidad o de pintar el exterior de su casa. Need to amend tax return No ha habido cambios en cuanto a los tipos de gastos que se pueden deducir por la parte de su propiedad destinada a uso personal. Need to amend tax return Normalmente, estos gastos se pueden deducir solamente si detalla sus deducciones en el Anexo A del Formulario 1040. Need to amend tax return Usted no puede deducir parte alguna del costo de la primera línea telefónica aunque sus inquilinos tengan acceso ilimitado. Need to amend tax return No tiene que dividir los gastos que pertenecen solamente a la parte alquilada de su propiedad. Need to amend tax return Por ejemplo, si pinta un cuarto que alquila, o si paga primas por seguro de daños con respecto al alquiler de un cuarto de su casa, su costo entero se considerará gasto de alquiler. Need to amend tax return Si instala una segunda línea telefónica para el uso exclusivo de sus inquilinos, todo costo de la segunda línea telefónica se podrá deducir como gasto de alquiler. Need to amend tax return Como se explica más adelante, puede deducir depreciación sobre la parte de la vivienda que usó para alquiler y también sobre los muebles y el equipo que utilizó para propósitos de alquiler. Need to amend tax return Cómo dividir los gastos. Need to amend tax return   Si un gasto es tanto por uso de alquiler como uso personal, tales como intereses hipotecarios o calefacción para toda la casa, usted tiene que dividir el gasto entre el uso de alquiler y el uso personal. Need to amend tax return Puede usar cualquier método razonable para dividir el gasto. Need to amend tax return Puede resultarle razonable dividir el costo de algunos artículos (por ejemplo, el agua) basándose en cuántas personas los usan. Need to amend tax return Los dos métodos más comunes para dividir un gasto son aquéllos que se basan en (1) cuántos cuartos hay en su casa y (2) el número de pies cuadrados de su casa. Need to amend tax return Alquiler sin Fines de Lucro Si no alquila su propiedad con fines de lucro, podrá deducir sus gastos de alquiler solamente hasta llegar a la cantidad de su ingreso de alquiler. Need to amend tax return No se puede deducir una pérdida ni trasladar al año siguiente ningún gasto de alquiler superior a su ingreso de alquiler de ese año. Need to amend tax return Para saber más sobre las reglas que corresponden a una actividad a la cual no se dedica con fines de lucro, vea Not-for-Profit Activities (Actividades sin fines de lucro), en el capítulo 1 de la Publicación 535, en inglés. Need to amend tax return Dónde se anota la deducción. Need to amend tax return   Declare su ingreso de alquiler sin fines de lucro en la línea 21 del Formulario 1040. Need to amend tax return Por ejemplo, puede incluir sus intereses hipotecarios y toda prima de seguro hipotecario que reúna los requisitos (si usa la propiedad como su vivienda principal o segunda vivienda), impuestos sobre bienes raíces y pérdidas fortuitas en las líneas correspondientes del Anexo A (Formulario 1040) Itemized Deductions (Deducciones detalladas), si detalla las deducciones. Need to amend tax return   Si detalla sus deducciones, anote los demás gastos de alquiler, sujetos a las reglas explicadas en el capítulo 1 de la Publicación 535, en inglés, como deducciones detalladas misceláneas en la línea 23 del Anexo A (Formulario 1040). Need to amend tax return Puede deducir estos gastos solamente si el total de éstos, junto con otras deducciones detalladas misceláneas, es mayor del 2% de su ingreso bruto ajustado. Need to amend tax return Uso Personal de una Unidad Habitable (Incluyendo una Casa de Vacaciones) Si usa una unidad habitable para fines personales (incluyendo una casa de vacaciones) que alquila, tiene que dividir sus gastos entre uso de alquiler y uso personal. Need to amend tax return Normalmente, los gastos de alquiler no serán mayores que el total de los gastos multiplicados por una fracción; el denominador de la cual es el número total de días que se usa la unidad habitable, y el numerador de la cual es el número total de días que realmente se alquila a un precio justo de alquiler. Need to amend tax return Sólo los gastos de alquiler podrían deducirse en el Anexo E del Formulario 1040. Need to amend tax return Algunos gastos personales podrían deducirse si usted detalla las deducciones en el Anexo A del Formulario 1040. Need to amend tax return Usted también tiene que determinar si la unidad habitable se considera una vivienda. Need to amend tax return Si la unidad habitable se considera una vivienda, la cantidad de gastos de alquiler que puede deducir podría limitarse. Need to amend tax return Si una unidad habitable se considera o no una vivienda depende de cuántos días durante el año se consideren días de uso personal. Need to amend tax return Existe una regla especial si utilizó la unidad habitable como vivienda y la alquiló por menos de 15 días durante el año. Need to amend tax return Unidad habitable. Need to amend tax return    Una unidad habitable incluye una casa, un apartamento, un condominio, una casa móvil, un barco, una vivienda de vacaciones o bienes semejantes. Need to amend tax return Asimismo, incluye toda estructura u otros bienes pertenecientes a dicha unidad. Need to amend tax return Una unidad habitable tiene comodidades básicas para vivir, tales como espacio para dormir, un inodoro e instalaciones para cocinar. Need to amend tax return    Una unidad habitable no incluye propiedad que se usa solamente como un hotel, un motel, una hostería o establecimiento semejante. Need to amend tax return La propiedad se usa solamente como hotel, motel, hostería o establecimiento semejante si está abierta habitualmente para clientes que pagan y si no la usa su dueño como vivienda durante el año. Need to amend tax return Ejemplo. Need to amend tax return Usted alquila una habitación en su casa que siempre está disponible para arrendamiento a corto plazo para clientes que pagan. Need to amend tax return Usted mismo no usa la habitación y permite solamente que los clientes la usen. Need to amend tax return La habitación tiene uso exclusivo como hotel, motel, hostería o establecimiento semejante y no es una unidad habitable. Need to amend tax return Cómo Dividir los Gastos Si usa una unidad habitable para fines de alquiler y para fines personales, divida sus gastos entre uso de alquiler y uso personal basándose en el número de días usados para cada fin. Need to amend tax return Al dividir sus gastos, siga estas reglas: Cualquier día en que se alquile la unidad a un precio justo de alquiler es un día de uso de alquiler aunque la usara para propósitos personales ese día. Need to amend tax return Esta regla no es aplicable al determinar si la usó como vivienda. Need to amend tax return Cualquier día en que la unidad esté disponible para alquilarse, pero no se alquila en realidad, no se considera día de uso para fines de alquiler. Need to amend tax return Ejemplo. Need to amend tax return Su casa de playa estuvo disponible para ser alquilada desde el 1 de junio hasta el 31 de agosto (92 días). Need to amend tax return Durante este período, salvo la primera semana de agosto (7 días) cuando no pudo hallar a un inquilino, alquiló su casa de playa a un precio justo de alquiler. Need to amend tax return La persona que alquiló la casa en julio permitió que usted la usara por un fin de semana (2 días) sin ninguna reducción ni reembolso del alquiler. Need to amend tax return La familia de usted también usó la casa de playa durante las dos últimas semanas de mayo (14 días). Need to amend tax return La casa no fue usada en absoluto antes del 17 de mayo o después del 31 de agosto. Need to amend tax return Usted calcula la parte de los gastos de la casa que se considerarán gastos de alquiler de la manera siguiente: La casa se usó para alquiler un total de 85 días (92 menos 7). Need to amend tax return Los días en que estuvo disponible para ser alquilada, pero que no se alquiló (7 días) no se consideran días de uso de alquiler. Need to amend tax return El fin de semana de julio (2 días) en el cual la usó constituye uso de alquiler porque recibió un precio justo de alquiler por el fin de semana. Need to amend tax return Usó la casa para propósitos personales durante 14 días (las dos últimas semanas de mayo). Need to amend tax return El uso total de la casa fue 99 días (14 días de uso personal + 85 días de uso de alquiler). Need to amend tax return Sus gastos de alquiler son 85/99 (86%) de los gastos de la casa. Need to amend tax return Nota. Need to amend tax return Para determinar si usó la casa como vivienda, el fin de semana de julio (2 días) en que usted la usó se considera uso personal aunque haya recibido un precio justo de alquiler por el fin de semana. Need to amend tax return Por lo tanto, tuvo 16 días de uso personal y 83 días de uso por alquiler. Need to amend tax return Debido a que usted usó la casa para fines personales más de 14 días y más del 10% de los días en alquiler (8 días), la usó entonces como vivienda. Need to amend tax return Si tiene una pérdida neta, tal vez no pueda deducir todos los gastos de alquiler. Need to amend tax return Vea Unidad Habitable Usada como Vivienda, a continuación. Need to amend tax return Unidad Habitable Usada como Vivienda Si usa una unidad habitable para propósitos de alquiler y propósitos personales, el trato tributario de los gastos de alquiler que calculó anteriormente bajo Cómo dividir los gastos y los ingresos de alquiler depende de si se considera que usted usa la unidad habitable como vivienda. Need to amend tax return Usted usa una unidad habitable como vivienda durante el año tributario si la utiliza para fines personales más de cualquiera de las siguientes que sea mayor: 14 días o el 10% del total de días durante los cuales se les alquila a otras personas a un precio justo de alquiler. Need to amend tax return Vea ¿Qué es un día de uso personal? , más adelante. Need to amend tax return Precio justo de alquiler. Need to amend tax return   Por lo general, un precio justo de alquiler de su propiedad es aquella cantidad que una persona que no sea su pariente estaría dispuesta a pagar. Need to amend tax return El alquiler que usted cobra no es precio justo de alquiler si es considerablemente menor que los alquileres que se cobran por otras propiedades semejantes en su área. Need to amend tax return   Si una unidad habitable se usa para propósitos personales en un día en que se alquila a un precio justo de alquiler, no cuente ese día como uso de alquiler al aplicarse el punto (2) anteriormente. Need to amend tax return En lugar de esto, cuéntelo como día de uso personal al aplicarse los puntos (1) y (2) anteriores. Need to amend tax return ¿Qué es un día de uso personal?   Un día de uso personal de una unidad habitable es cualquier día en que ésta sea usada por cualquiera de las personas siguientes: Usted o cualquier otra persona con intereses financieros en la unidad, a no ser que se la alquile a otro dueño como su vivienda principal según un acuerdo de financiación de patrimonio neto compartido (definido más adelante). Need to amend tax return Sin embargo, vea Días usados como vivienda principal antes o después de alquilar , más adelante. Need to amend tax return Un pariente suyo o de la familia de cualquier otra persona que tenga intereses financieros en la unidad, a no ser que el pariente use la unidad habitable como su vivienda principal y pague un precio justo de alquiler. Need to amend tax return La familia incluye únicamente a su cónyuge, sus hermanos y hermanas, medios hermanos y medias hermanas, antepasados (padres, abuelos, etc. Need to amend tax return ) y descendientes directos (hijos, nietos, etc. Need to amend tax return ). Need to amend tax return Cualquier persona que, según un acuerdo, le permita a usted que use otra unidad habitable. Need to amend tax return Cualquier persona que la use a un precio menor que el precio justo de alquiler. Need to amend tax return Vivienda principal. Need to amend tax return   Si la otra persona o pariente mencionado en los puntos (1) ó (2) anteriores tiene más de una vivienda, su vivienda principal es generalmente aquélla en que vivió la mayor parte del tiempo. Need to amend tax return Acuerdo de financiación de patrimonio neto compartido. Need to amend tax return   Éste es un acuerdo según el cual dos personas o más obtienen intereses financieros no divididos en la totalidad de una misma unidad habitable, inclusive el terreno, por más de 50 años, y uno o más de los copropietarios tiene derecho de ocupar la unidad habitable como su vivienda principal, si paga alquiler al (a los demás) copropietario(s). Need to amend tax return Donación del uso de propiedad. Need to amend tax return   Usted usa una unidad habitable para propósitos personales si: Dona el uso de la unidad a una institución de caridad, Dicha institución vende el uso de la unidad en una actividad de recaudación de fondos y El “comprador” usa la unidad. Need to amend tax return Ejemplos. Need to amend tax return   Los siguientes ejemplos demuestran cómo determinar los días de uso personal: Ejemplo 1. Need to amend tax return Usted y su vecino son copropietarios de un condominio en la playa. Need to amend tax return El año pasado, les alquilaron el condominio a turistas siempre que fuera posible. Need to amend tax return Nadie usó el condominio como vivienda principal. Need to amend tax return Su vecino usó el condominio 2 semanas el año pasado; usted no lo utilizó en absoluto. Need to amend tax return Debido a que su vecino tiene participación en el condominio, se considera que tanto él como usted han usado el condominio para propósitos personales durante esas 2 semanas. Need to amend tax return Ejemplo 2. Need to amend tax return Usted y sus vecinos son copropietarios de una casa conforme a un acuerdo de financiación de patrimonio neto compartido. Need to amend tax return Sus vecinos viven en la casa y le pagan a usted un precio justo de alquiler. Need to amend tax return Aunque los vecinos tienen intereses financieros en la casa, los días en que ellos viven allí no cuentan como días de uso personal para usted. Need to amend tax return Eso se debe a que sus vecinos alquilan la casa como su vivienda principal conforme a un acuerdo de financiación de patrimonio neto compartido. Need to amend tax return Ejemplo 3. Need to amend tax return Usted posee una propiedad de alquiler que le arrienda a su hijo. Need to amend tax return Su hijo no tiene interés financiero en esta propiedad. Need to amend tax return La usa como su vivienda principal y le paga a usted un precio justo de alquiler por la propiedad. Need to amend tax return El uso de la propiedad por parte de su hijo no representa uso personal por parte de usted porque su hijo la está usando como vivienda principal, no tiene interés financiero en la propiedad y le está pagando a usted un precio justo. Need to amend tax return Ejemplo 4. Need to amend tax return Usted le alquila su casa de playa a Josué. Need to amend tax return Josué le alquila a usted su casa en las montañas. Need to amend tax return Cada uno paga un precio justo de alquiler. Need to amend tax return Usted usa su propia casa para fines personales los días en que él la usa porque Josué usa su casa conforme a un acuerdo que le permite a usted usar la casa de él. Need to amend tax return Días usados para reparaciones y mantenimiento. Need to amend tax return   Cualquier día que pase trabajando sustancialmente a tiempo completo, reparando y manteniendo (no mejorando) su propiedad, no se cuenta como día de uso personal. Need to amend tax return No cuente tal día como día de uso personal aunque sus parientes usen la propiedad para actividades recreativas en el mismo día. Need to amend tax return Días usados como vivienda principal antes o después de alquilar. Need to amend tax return   Con el fin de determinar si una unidad habitable se usó como vivienda, quizás no tenga que contar como días de uso personal los días en que usó la propiedad como vivienda principal antes o después de haberla alquilado u ofrecido en arrendamiento. Need to amend tax return No los cuente como días de uso personal si: Usted alquiló o trató de alquilar la propiedad por 12 o más meses seguidos. Need to amend tax return Usted alquiló o trató de alquilar la propiedad durante un período menor a 12 meses seguidos y el período se terminó porque vendió o canjeó la propiedad. Need to amend tax return Sin embargo, este requisito especial no es aplicable al dividir gastos entre uso de alquiler y uso personal. Need to amend tax return Ejemplos. Need to amend tax return   Los siguientes ejemplos demuestran cómo determinar si usó su propiedad alquilada como vivienda. Need to amend tax return Ejemplo 1. Need to amend tax return Usted convirtió el sótano de su casa en un apartamento con un dormitorio, un baño y una cocina pequeña. Need to amend tax return Les alquiló el apartamento del sótano, a un precio justo de alquiler, a estudiantes universitarios durante el año escolar. Need to amend tax return Lo alquiló con un contrato de arrendamiento de 9 meses (273 días). Need to amend tax return Calculó que 27 días son el 10% del total de días en que la vivienda se alquiló a otras personas a un precio justo de alquiler. Need to amend tax return En el mes de junio (30 días), sus hermanos se alojaron con usted y vivieron en el apartamento del sótano sin pagar alquiler. Need to amend tax return El apartamento del sótano fue usado como vivienda porque lo usó para propósitos personales por 30 días. Need to amend tax return Si sus hermanos usaron el apartamento sin pagar alquiler, eso se considera uso personal. Need to amend tax return El uso personal (30 días) supera el total más alto entre: 14 días o el 10% del total de días durante los cuales fue alquilado (27 días). Need to amend tax return Ejemplo 2. Need to amend tax return Usted alquiló el dormitorio para huéspedes en su casa a un precio justo de alquiler durante los fines de semana de la fiesta de Homecoming, de la ceremonia de entrega de diplomas y de fútbol de la universidad local (un total de 27 días). Need to amend tax return Su cuñada se alojó en el dormitorio, sin pagar alquiler, durante las últimas 3 semanas (21 días) de julio. Need to amend tax return Usted calculó que el 10% del total de días en que el dormitorio se alquiló a otras personas a un precio justo de alquiler es 3 días. Need to amend tax return El dormitorio se usó como vivienda porque fue utilizado para propósitos personales por 21 días. Need to amend tax return Eso supera el total más alto de: 14 días o el 10% de los 27 días durante los cuales se alquiló (3 días). Need to amend tax return Ejemplo 3. Need to amend tax return Usted es dueño de un condominio en un lugar turístico. Need to amend tax return Lo alquiló a un precio justo de alquiler por 170 días durante el año. Need to amend tax return Por 12 de esos días, el inquilino no pudo usar el condominio y permitió que lo usara usted aunque usted no le reembolsó ninguna parte del alquiler. Need to amend tax return De hecho, la familia de usted usó el condominio por 10 de esos días. Need to amend tax return Por lo tanto, se considera que el condominio fue alquilado por 160 días (170 menos 10). Need to amend tax return Usted calculó que el 10% del total de días en que el dormitorio se alquiló a los demás a un precio justo de alquiler es 16 días. Need to amend tax return Su familia también usó el condominio por otros 7 días durante el año. Need to amend tax return Usted usó el condominio como vivienda porque lo usó para propósitos personales por 17 días. Need to amend tax return Eso supera el total más alto de: 14 días o el 10% de los 160 días durante los cuales fue alquilado (16 días). Need to amend tax return Uso de alquiler mínimo. Need to amend tax return   Si usa la unidad habitable como vivienda y la alquila por menos de 15 días durante el año, ese período no se considera actividad de alquiler. Need to amend tax return Para información adicional, vea Propiedad usada como vivienda, y alquilada menos de 15 días, más adelante. Need to amend tax return Límite sobre las deducciones. Need to amend tax return   Alquilar una unidad habitable que se considera una vivienda no es una actividad pasiva. Need to amend tax return En lugar de ello, si los gastos de alquiler son mayores que los ingresos de alquiler, parte, o tal vez todos los gastos en exceso no pueden utilizarse para compensar ingresos de otras fuentes. Need to amend tax return Los gastos en exceso que no se pueden utilizar para compensar ingresos de otras fuentes se trasladan al año siguiente y se consideran gastos de alquiler para la misma propiedad. Need to amend tax return Todos los gastos trasladados al año siguiente estarán sujetos a los límites correspondientes a dicho año. Need to amend tax return Este límite corresponde a los gastos trasladados a un año posterior aunque no utilice la propiedad como su vivienda en dicho año posterior. Need to amend tax return   Para calcular los gastos de alquiler deducibles que corresponden al año en curso y los gastos que se trasladan al año que viene, utilice la Hoja de Trabajo 9-1. Need to amend tax return Cómo Declarar Ingresos y Deducciones Propiedad no usada para fines personales. Need to amend tax return   Si no usa una unidad habitable para fines personales, vea Cómo Declarar Ingresos y Gastos de Alquiler , más adelante, para saber cómo declarar los ingresos y gastos de alquiler. Need to amend tax return Propiedad usada para fines personales. Need to amend tax return   Si usa una unidad habitable para fines personales, la manera en que usted declara sus ingresos y gastos de alquiler depende de si usted usó la unidad habitable como vivienda. Need to amend tax return Propiedad no usada como vivienda. Need to amend tax return   Si usted usa una unidad habitable para fines personales, pero no como vivienda, declare todos sus ingresos de alquiler en sus ganancias. Need to amend tax return Ya que usted usó la unidad habitable para fines personales, usted debe dividir los gastos entre el uso de alquiler y el uso personal, según se describió anteriormente, bajo Cómo Dividir los Gastos . Need to amend tax return Los gastos correspondientes a su uso personal no son deducibles como gastos de alquiler. Need to amend tax return   Sin embargo, sus gastos de alquiler deducibles pueden ser mayores que sus ingresos brutos de alquiler. Need to amend tax return Vea Límites sobre las Pérdidas de Alquiler , más adelante. Need to amend tax return Propiedad usada como vivienda, y alquilada menos de 15 días. Need to amend tax return   Si usa una unidad habitable como vivienda, y la alquila menos de 15 días durante el año, se considera que su función principal no es de alquiler, y no debe ser declarada en el Anexo E (Formulario 1040). Need to amend tax return No se le requiere declarar sus ingresos ni gastos de alquiler provenientes de esta actividad. Need to amend tax return Los gastos, incluso los intereses hipotecarios que reúnen los requisitos, impuestos sobre los bienes raíces, y toda pérdida por hecho fortuito que reúna los requisitos se deben declarar de la manera normalmente permitida, en el Anexo A (Formulario 1040). Need to amend tax return Vea las Instrucciones del Anexo A (Formulario 1040) para más información acerca de cómo deducir estos gastos. Need to amend tax return Propiedad usada como vivienda, y alquilada 15 días o más. Need to amend tax return   Si usa una unidad habitable como vivienda y la alquila 15 días o más durante el año, incluya todos los ingresos de alquiler en sus ganancias. Need to amend tax return Ya que usted usó la unidad habitable para fines personales, usted debe dividir sus gastos entre el uso de alquiler y el uso personal, según se describió anteriormente, bajo Cómo Dividir los Gastos . Need to amend tax return Los gastos correspondientes al uso personal no son deducibles como gastos de alquiler. Need to amend tax return   Si recibió una utilidad neta por alquilar la unidad habitable por el año (es decir, si sus ingresos de alquiler son mayores que el total de sus gastos de alquiler, incluyendo la depreciación), deduzca todos sus gastos de alquiler. Need to amend tax return No necesitará usar la Hoja de Trabajo 9-1. Need to amend tax return   Sin embargo, si usted tuvo una pérdida neta por alquilar la unidad habitable ese año, la deducción por ciertos gastos de alquiler está limitada. Need to amend tax return Para calcular sus gastos de alquiler deducibles, y toda cantidad traspasable al año siguiente, use la Hoja de Trabajo 9-1. Need to amend tax return Depreciación Usted recupera el costo de su propiedad que produce ingresos a través de deducciones tributables anuales. Need to amend tax return Esto se hace depreciando la propiedad; es decir, deduciendo una parte de su costo cada año en su declaración de impuestos. Need to amend tax return Hay tres factores que determinan la cantidad de depreciación que usted puede deducir cada año: (1) su base en la propiedad, (2) el período de recuperación de la propiedad y (3) el método de depreciación que se usa. Need to amend tax return No puede simplemente deducir como gastos sus pagos de hipoteca o capital o el costo de muebles, instalaciones fijas y equipo. Need to amend tax return Usted puede deducir depreciación solamente sobre la parte de su propiedad que se usa para fines de alquiler. Need to amend tax return La depreciación reduce su base para calcular la ganancia o la pérdida sobre una venta o intercambio futuro. Need to amend tax return Quizás tenga que usar el Formulario 4562, en inglés, para calcular y declarar la depreciación. Need to amend tax return Vea Cómo Declarar Ingresos y Gastos de Alquiler , más adelante. Need to amend tax return Impuesto mínimo alternativo. Need to amend tax return   Si utiliza la depreciación acelerada, es posible que esté sujeto al impuesto mínimo alternativo. Need to amend tax return La depreciación acelerada le permite deducir más depreciación más temprano en el periodo de recuperación de la que podría deducir si utilizara el método de la depreciación uniforme (la misma deducción cada año). Need to amend tax return Declaración de la cantidad correcta de depreciación. Need to amend tax return   Usted debería declarar la cantidad correcta de depreciación cada año tributario. Need to amend tax return Si no ha declarado toda la cantidad de depreciación que tenía derecho a deducir, aún tiene que reducir el valor de la base de la propiedad por la cantidad total de depreciación que hubiera podido deducir. Need to amend tax return   Si dedujo una cantidad incorrecta de depreciación para propiedad en un año cualquiera, puede hacer una corrección para ese año presentando el Formulario 1040X, Amended U. Need to amend tax return S. Need to amend tax return Individual Income Tax Return (Declaración enmendada del impuesto federal sobre el ingreso personal de los Estados Unidos), en inglés. Need to amend tax return Si no se le permite hacer la corrección en una declaración enmendada, puede cambiar su método contable para declarar la cantidad correcta de depreciación. Need to amend tax return Vea Claiming the Correct Amount of Depreciation (Declaración de la cantidad correcta de depreciación), en el capítulo 2 de la Publicación 527, en inglés, para más información. Need to amend tax return Cambio de método contable para deducir depreciación no declarada. Need to amend tax return   Para cambiar su método contable, normalmente tiene que presentar el Formulario 3115, Application for Change in Accounting Method (Solicitud para el cambio de método contable), en inglés, para obtener la autorización del Servicio de Impuestos Internos. Need to amend tax return En algunos casos, puede recibir autorización automática. Need to amend tax return Para más información, vea el capítulo 1 de la Publicación 946, en inglés. Need to amend tax return Terreno. Need to amend tax return   No puede depreciar el costo del terreno porque normalmente el terreno no se desgasta, no se vuelve obsoleto, ni se agota. Need to amend tax return Los costos para despejar y nivelar el terreno, junto con aquéllos para plantar y jardinear, normalmente forman parte del costo del terreno y no se pueden depreciar. Need to amend tax return Información adicional. Need to amend tax return   Vea la Publicación 527, en inglés, para información sobre cómo depreciar propiedad de alquiler y vea la Publicación 946, en inglés, para más información sobre la depreciación. Need to amend tax return Límites sobre las Pérdidas de Alquiler Si tiene alguna pérdida de su actividad de alquiler de bienes raíces, dos clases de reglas pueden limitar la cantidad que puede deducir de las pérdidas. Need to amend tax return Tiene que considerar estas reglas en el mismo orden a continuación. Need to amend tax return Reglas sobre el monto de riesgo. Need to amend tax return Estas reglas son aplicadas primero si hay inversión en su actividad de alquiler de bienes raíces por la cual usted no tiene monto de riesgo. Need to amend tax return Esto es aplicable sólo si la propiedad de bienes raíces fue puesta en uso después de 1986. Need to amend tax return Límites sobre las actividades pasivas. Need to amend tax return Por lo general, las actividades relacionadas con el alquiler de bienes raíces son consideradas como actividades pasivas y las pérdidas no son deducibles al menos que tenga ingresos de otras actividades pasivas para compensar las pérdidas. Need to amend tax return Sin embargo, existen excepciones. Need to amend tax return Reglas sobre el Monto de Riesgo Podría estar sujeto a las reglas sobre el monto de riesgo si tiene: Una pérdida de una actividad de una ocupación o negocio o para generar ingresos, y Cantidades invertidas en la actividad por la cual usted no tiene un riesgo completo. Need to amend tax return Las pérdidas provenientes de la posesión de bienes raíces (aparte de propiedades minerales) puestos en uso antes de 1987 no están sujetas a las reglas sobre el monto de riesgo. Need to amend tax return Por lo general, cualquier pérdida de una actividad sujeta a las reglas sobre el monto de riesgo se permite solamente según la cantidad total que tenga en riesgo en la actividad al final del año tributario. Need to amend tax return Se considera que usted está en una actividad de riesgo según el dinero y la base ajustada de otras propiedades que haya aportado en la actividad y ciertas cantidades que haya recibido en préstamo para la actividad. Need to amend tax return Vea la Publicación 925, en inglés, para más información. Need to amend tax return Límites sobre las Actividades Pasivas Por lo general, todas las actividades relacionadas con el alquiler de bienes raíces (excepto las de ciertos agentes de bienes raíces, más adelante) son actividades pasivas. Need to amend tax return En este contexto, una actividad de alquiler es aquélla mediante la cual recibe ingresos principalmente por el uso de propiedad tangible, en lugar de servicios. Need to amend tax return Límites sobre las deducciones y los créditos de actividades pasivas. Need to amend tax return    Las deducciones o pérdidas generadas por actividades pasivas están limitadas. Need to amend tax return Por lo general, usted no puede compensar los ingresos, salvo aquéllos pasivos, con pérdidas provenientes de actividades pasivas. Need to amend tax return Tampoco puede compensar los impuestos sobre el ingreso, a menos que sea ingreso pasivo, con créditos que resulten de actividades pasivas. Need to amend tax return Toda pérdida o crédito excedente se traspasa al año tributario siguiente. Need to amend tax return   Para una explicación detallada de estas reglas, vea la Publicación 925, en inglés. Need to amend tax return    Posiblemente tenga que completar el Formulario 8582, en inglés, para calcular la cantidad de cualquier pérdida de actividad pasiva del año tributario en curso para todas las actividades y la cantidad de la pérdida por actividades pasivas permitida en su declaración de impuestos. Need to amend tax return Agentes de bienes raíces. Need to amend tax return   Las actividades de alquiler en las cuales participó materialmente durante el año no son actividades pasivas si, en ese año, usted era agente de bienes raíces. Need to amend tax return Para una explicación detallada de los requisitos, vea la Publicación 527, en inglés. Need to amend tax return Para una explicación detallada de la participación material, vea la Publicación 925, en inglés. Need to amend tax return Excepción por el Uso Personal de una Unidad Habitable Si usted utilizó la propiedad de alquiler como su hogar durante el año, todo ingreso, deducción, ganancia o pérdida que le corresponde a dicho uso no se tomará en cuenta para propósitos del límite sobre la pérdida de actividades pasivas. Need to amend tax return En vez de eso, siga las reglas que se explican bajo el tema titulado Uso Personal de una Unidad Habitable (Incluyendo una Casa de Vacaciones) , anteriormente. Need to amend tax return Excepción para Actividades de Alquiler de Bienes Raíces con Participación Activa Si usted o su cónyuge participaron activamente en una actividad pasiva de alquiler de bienes raíces, quizás podría deducir de su ingreso no pasivo hasta $25,000 en pérdidas provenientes de dicha actividad. Need to amend tax return Este descuento especial es una excepción a la regla general que no admite las pérdidas que excedan del monto de los ingresos procedentes de actividades pasivas. Need to amend tax return De igual modo, usted quizás podría compensar los impuestos con créditos de hasta $25,000 de ingresos no pasivos que provengan de dicha actividad después de tomar en consideración cualquier pérdida permitida por esta excepción. Need to amend tax return Participación activa. Need to amend tax return   Usted participó activamente en una actividad de bienes raíces de alquiler si usted (y su cónyuge) era(n) dueño(s) de por lo menos el 10% de la propiedad alquilada y tomó decisiones de administración o hizo las gestiones para que otros proveyeran servicios (tales como reparaciones) de manera importante y bona fide (de buena fe). Need to amend tax return Las decisiones de administración que pueden contar como participación activa incluyen el aprobar inquilinos nuevos, decidir términos de alquiler, aprobar gastos y decisiones semejantes. Need to amend tax return Descuento especial máximo. Need to amend tax return   El descuento especial máximo es: $25,000 para solteros y casados que presenten una declaración conjunta para el año tributario, $12,500 para casados que presenten la declaración por separado para el año tributario y que hayan vivido separados de sus cónyuges en todo momento del año tributario y $25,000 para un caudal hereditario calificado, menos el descuento especial al que tiene derecho el cónyuge sobreviviente. Need to amend tax return   Si sus ingresos brutos ajustados modificados (MAGI, por sus siglas en inglés) son $100,000 o menos ($50,000 o menos si son casados que presentan la declaración por separado), puede deducir la pérdida hasta la cantidad especificada arriba. Need to amend tax return Si su MAGI es superior a $100,000 (superior a $50,000 si son casados que presentan la declaración por separado), el descuento especial se limita al 50% de la diferencia entre $150,000 ($75,000 si son casados que presentan la declaración por separado) y su MAGI. Need to amend tax return   Por lo general, si su MAGI es $150,000 o más ($75,000 si son casados que presentan la declaración por separado), no hay descuento especial. Need to amend tax return Información adicional. Need to amend tax return   Vea la Publicación 925, en inglés, para obtener más información acerca de los límites sobre las pérdidas pasivas, incluida información sobre el trato de créditos y de pérdidas pasivas no permitidas sin usar y el trato de ganancias y pérdidas devengadas por enajenación de una actividad pasiva. Need to amend tax return Cómo Declarar Ingresos y Gastos de Alquiler El formulario básico para declarar ingresos y gastos de alquiler residencial es el Anexo E (Formulario 1040). Need to amend tax return Sin embargo, no utilice ese anexo para declarar una actividad sin fines de lucro. Need to amend tax return Consulte Alquiler sin Fines de Lucro , anteriormente. Need to amend tax return Prestación de servicios sustanciales. Need to amend tax return   Si proporciona servicios sustanciales que sean principalmente para la comodidad del inquilino, tales como limpieza regular, cambio de ropa de cama o servicio de criado doméstico, usted tiene que declarar los ingresos y gastos de alquiler en el Anexo C (Formulario 1040), Profit or Loss From Business (Ganancia o pérdida de negocios), o el Anexo C-EZ (Formulario 1040), Net Profit From Business (Sole Proprietorship) (Utilidad neta de negocios (empresa con dueño único)), en inglés. Need to amend tax return Los servicios sustanciales no incluyen el abastecimiento de calefacción y luz, limpieza de áreas públicas, recogida de basura, etcétera. Need to amend tax return Para más información, vea la Publicación 334, Tax Guide for Small Business (Guía de impuestos para pequeños negocios), en inglés. Need to amend tax return Puede también estar obligado a pagar el impuesto del trabajo por cuenta propia sobre su ingreso de alquiler utilizando el Anexo SE (Formulario 1040), Self-Employment Tax (Impuesto del trabajo por cuenta propia). Need to amend tax return    Use el Formulario 1065, U. Need to amend tax return S. Need to amend tax return Return of Partnership Income (Declaración de ingresos de sociedades colectivas de los Estados Unidos), en inglés, si su actividad de alquiler es de una sociedad colectiva (incluyendo una sociedad colectiva con su cónyuge a menos que sea una empresa conjunta que reúne los requisitos). Need to amend tax return Empresa conjunta que reúne los requisitos. Need to amend tax return   Si usted y su cónyuge cada uno participan materialmente como los únicos socios de un negocio de bienes raíces del cual la posesión y operación es conjunta, y presentan una declaración conjunta para el año tributario, pueden elegir conjuntamente que se les considere como si fueran una empresa conjunta que reúne los requisitos en vez de una sociedad colectiva. Need to amend tax return En la mayoría de los casos, esta elección no aumentará el total adeudado de impuestos en la declaración conjunta, pero sí le provee a cada uno un crédito por los ingresos del Seguro Social, en los cuales se basan los beneficios de jubilación, y para la cobertura de Medicare, si sus ingresos de alquiler están sujetos al impuesto sobre el trabajo por cuenta propia. Need to amend tax return Para más información, vea la Publicación 527, en inglés. Need to amend tax return Formulario 1098, Mortgage Interest Statement (Informe de intereses hipotecarios), en inglés. Need to amend tax return    Si le pagó $600 o más en intereses hipotecarios sobre su propiedad de alquiler a alguna persona, usted debería recibir el Formulario 1098 o un informe semejante que señale los intereses que pagó para el año. Need to amend tax return Si usted y por lo menos otra persona (aparte de su cónyuge si presenta una declaración conjunta) fueron responsables de intereses sobre la hipoteca y pagaron dichos intereses y la otra persona recibió el Formulario 1098, declare su parte de los intereses en la línea 13 del Anexo E (Formulario 1040). Need to amend tax return Adjunte una nota a su declaración de impuestos mostrando el nombre y la dirección de la otra persona. Need to amend tax return En el margen izquierdo del Anexo E, al lado de la línea 13, escriba “See attached” (Vea información adjunta). Need to amend tax return Anexo E (Formulario 1040) Si alquila edificios, habitaciones o apartamentos y provee solamente servicios básicos, tales como calefacción, luz, servicios de basura, etc. Need to amend tax return , normalmente declararía sus ingresos y gastos de alquiler en la Parte I del Anexo E (Formulario 1040). Need to amend tax return Enumere la lista de sus ingresos, gastos y depreciación totales para cada propiedad de alquiler. Need to amend tax return Asegúrese de anotar el número de días de alquiler a un precio justo de alquiler y días de uso personal en la línea 2. Need to amend tax return Si tiene más de tres propiedades de alquiler o de regalía, complete y adjunte cuantos Anexos E sean necesarios para enumerar las propiedades. Need to amend tax return Complete las líneas 1 y 2 para cada propiedad. Need to amend tax return No obstante, llene las líneas 23a a 26 solamente en un Anexo E. Need to amend tax return En la línea 18 de la página 1 del Anexo E, anote la depreciación que reclama por cada propiedad. Need to amend tax return Para averiguar si tiene que adjuntar el Formulario 4562, en inglés, vea la sección titulada Form 4562 (Formulario 4562), bajo el capítulo 3 de la Publicación 527, en inglés. Need to amend tax return Si tiene una pérdida de su actividad de alquiler de bienes raíces, tal vez tenga que completar uno o ambos de los siguientes formularios. Need to amend tax return Formulario 6198, At-Risk Limitations (Límites sobre el monto en riesgo), en inglés. Need to amend tax return Vea Reglas sobre el Monto de Riesgo , anteriormente. Need to amend tax return También vea la Publicación 925, en inglés. Need to amend tax return Formulario 8582, Passive Activity Loss Limitations (Limitaciones de pérdidas de actividad pasiva), en inglés. Need to amend tax return Vea Límites sobre las Actividades Pasivas , anteriormente. Need to amend tax return La página 2 del Anexo E se utiliza para declarar ingresos o pérdidas provenientes de sociedades colectivas, sociedades anónimas de tipo S, herencias, fideicomisos y negocios hipotecarios de inversiones en bienes raíces. Need to amend tax return Si necesita usar la página 2 del Anexo E, asegúrese de usar la página 2 del mismo Anexo E que utilizó para anotar su actividad de alquiler en la página 1. Need to amend tax return También incluya la cantidad de la línea 26 (Parte I) en la línea 41 (Parte V), “Total income or (loss)” (Total de ingreso o (pérdida)). Need to amend tax return Hoja de Trabajo 9-1. Need to amend tax return Hoja de Trabajo para Calcular las Deducciones de Alquiler para una Unidad Habitable que se Usa como Vivienda Utilice esta hoja de trabajo solamente si contesta “Sí” a todas las preguntas siguientes: ¿Usó la unidad habitable como vivienda este año? Vea Unidad Habitable Usada como Vivienda . Need to amend tax return ¿Alquiló la unidad habitable a un precio justo de alquiler por 15 días o más este año? ¿Es el total de sus gastos de alquiler y de depreciación mayor que sus ingresos de alquiler? PARTE I. Need to amend tax return Porcentaje del Uso de Alquiler A. Need to amend tax return Número total de días en los que la vivienda estuviese disponible para ser alquilada a un precio justo de alquiler A. Need to amend tax return       B. Need to amend tax return Número total de días en los que la vivienda estuviese disponible para ser alquilada (línea A) pero sin alquilar B. Need to amend tax return       C. Need to amend tax return Número total de días de uso de alquiler. Need to amend tax return Reste la línea B de la línea A C. Need to amend tax return       D. Need to amend tax return Total de días de uso personal (incluyendo días en los que se haya alquilado a un precio menor del precio justo de alquiler) D. Need to amend tax return       E. Need to amend tax return Total de días de uso de alquiler y de uso personal. Need to amend tax return Sume las líneas C y D E. Need to amend tax return       F. Need to amend tax return Porcentaje de gastos permitidos de alquiler. Need to amend tax return Divida la línea C por la línea E     F. Need to amend tax return   PARTE II. Need to amend tax return Gastos de Alquiler Permisibles 1. Need to amend tax return Anote los alquileres recibidos 1. Need to amend tax return   2a. Need to amend tax return Anote la parte de los intereses hipotecarios sobre la vivienda deducibles y primas de seguro hipotecario calificadas, correspondiente al alquiler (vea las instrucciones) 2a. Need to amend tax return       b. Need to amend tax return Anote la parte de los impuestos de bienes raíces correspondiente al alquiler b. Need to amend tax return       c. Need to amend tax return Anote la parte de las pérdidas personales deducibles causadas por hechos fortuitos o robos correspondiente al alquiler (vea las instrucciones) c. Need to amend tax return       d. Need to amend tax return Anote los gastos directos de alquiler (vea las instrucciones) d. Need to amend tax return       e. Need to amend tax return Gastos de alquiler totalmente deducibles. Need to amend tax return Sume las líneas 2a a 2d. Need to amend tax return Anote los gastos aquí y en las líneas correspondientes del Anexo E (vea las instrucciones) 2e. Need to amend tax return   3. Need to amend tax return Reste la línea 2e de la línea 1. Need to amend tax return Si es cero o menos, anote −0− 3. Need to amend tax return   4a. Need to amend tax return Anote la parte de los gastos relacionados directamente con el funcionamiento o el mantenimiento de la unidad habitable (tales como reparaciones, seguro y servicios públicos) correspondiente al alquiler 4a. Need to amend tax return       b. Need to amend tax return Anote la parte de los intereses hipotecarios excedentes y primas de seguro hipotecario calificadas, correspondiente al alquiler (vea las instrucciones) b. Need to amend tax return       c. Need to amend tax return Gastos de funcionamiento trasladados de la hoja de trabajo de 2012 c. Need to amend tax return       d. Need to amend tax return Sume las líneas 4a a 4c d. Need to amend tax return       e. Need to amend tax return Gastos permisibles. Need to amend tax return Anote la cantidad de la línea 3 o la línea 4d, la que sea menor (vea las instrucciones) 4e. Need to amend tax return   5. Need to amend tax return Reste la línea 4e de la línea 3. Need to amend tax return Si es cero o menos, anote −0− 5. Need to amend tax return   6a. Need to amend tax return Anote la parte de las pérdidas excedentes por hechos fortuitos y robos correspondiente al alquiler (vea las instrucciones) 6a. Need to amend tax return       b. Need to amend tax return Anote la depreciación de la parte de la unidad habitable correspondiente al alquiler b. Need to amend tax return       c. Need to amend tax return Excedente de pérdidas por hecho fortuito y depreciación trasladado de la hoja de trabajo de 2012 c. Need to amend tax return       d. Need to amend tax return Sume las líneas 6a a 6c d. Need to amend tax return       e. Need to amend tax return Pérdidas excedentes permisibles por hechos fortuitos, robos y depreciación. Need to amend tax return Anote la cantidad de la línea 5 o la línea 6d, la que sea menor (vea las instrucciones) 6e. Need to amend tax return   PARTE III. Need to amend tax return Gastos no Permitidos Trasladados al Año Siguiente 7a. Need to amend tax return Gastos de funcionamiento a trasladarse al año siguiente. Need to amend tax return Reste la línea 4e de la línea 4d 7a. Need to amend tax return   b. Need to amend tax return Pérdidas excedentes por hechos fortuitos, robos y depreciación a trasladarse al año siguiente. Need to amend tax return  Reste la línea 6e de la línea 6d b. Need to amend tax return   Instrucciones de la Hoja de Trabajo 9-1. Need to amend tax return Hoja de Trabajo para Calcular las Deducciones de Alquiler para una Unidad Habitable que se Usa como Vivienda Precaución. Need to amend tax return Utilice el porcentaje calculado en la línea F de la Parte I para calcular las partes correspondientes al alquiler a anotar en las líneas 2a-2c, 4a-4b y 6a-6b de la Parte II. Need to amend tax return Línea 2a. Need to amend tax return Calcule los intereses hipotecarios sobre la unidad habitable que podría deducir en el Anexo A como si no la hubiera alquilado. Need to amend tax return No incluya intereses sobre un préstamo que no benefició a la unidad habitable. Need to amend tax return Por ejemplo, no incluya intereses de un préstamo sobre el valor líquido de la vivienda que se utilizó para saldar tarjetas de crédito u otros préstamos personales, comprar un auto o pagar gastos de enseñanza superior. Need to amend tax return Incluya intereses de un préstamo que se haya utilizado para comprar, construir o mejorar la unidad habitable o para refinanciar tal préstamo. Need to amend tax return Incluya la parte de estos intereses correspondientes al alquiler en el total que anote en la línea 2a de la hoja de trabajo. Need to amend tax return   Calcule las primas de seguro hipotecario calificadas sobre la unidad habitable que podría deducir en la línea 13 del Anexo A como si no la hubiera alquilado. Need to amend tax return Vea las Instrucciones del Anexo A. Need to amend tax return No obstante, calcule el ingreso bruto ajustado (línea 38 del Formulario 1040) sin incluir ingresos y gastos de alquiler de la unidad habitable. Need to amend tax return Vea la sección titulada Línea 4b más adelante, para deducir parte de las primas de seguro hipotecario calificadas no permitidas conforme al límite del ingreso bruto ajustado. Need to amend tax return Incluya la parte de la cantidad correspondiente a alquiler de la línea 13 del Anexo A en el total que se anota en la línea 2a de la hoja de trabajo. Need to amend tax return   Nota: No presente este Anexo A ni lo utilice para calcular la cantidad a deducir en la línea 13 de dicho anexo. Need to amend tax return En vez de esto, calcule la parte personal en un Anexo A distinto. Need to amend tax return Si ha deducido intereses hipotecarios o primas de seguro hipotecario calificadas sobre la unidad habitable en otros formularios, como los Anexos C o F, no se olvide de restar dicha cantidad de la deducción anotada en el Anexo A. Need to amend tax return           Línea 2c. Need to amend tax return Calcule las pérdidas causadas por hechos fortuitos o robos relacionadas con la unidad habitable que podría deducir en el Anexo A como si no la hubiera alquilado. Need to amend tax return Para hacerlo, complete la Sección A del Formulario 4684, Casualties and Thefts (Hechos fortuitos y robos), en inglés, tratando las pérdidas como pérdidas personales. Need to amend tax return Si alguna parte de la pérdida se debe a un desastre declarado como tal por el gobierno federal, vea las Instrucciones del Formulario 4684. Need to amend tax return En la línea 17 del Formulario 4684, anote el 10% de su ingreso bruto ajustado, calculado sin sus ingresos de alquiler y gastos de alquiler procedentes de la unidad habitable. Need to amend tax return Anote la parte del resultado correspondiente al alquiler de la línea 18 del Formulario 4684 en la línea 2c de esta hoja de trabajo. Need to amend tax return   Nota: No presente este Formulario 4684 ni lo utilice para calcular sus pérdidas personales en el Anexo A. Need to amend tax return En lugar de ello, calcule la parte personal en un Formulario 4684 por separado. Need to amend tax return           Línea 2d. Need to amend tax return Anote el total de sus gastos de alquiler que están directamente relacionados solamente con la actividad de alquiler. Need to amend tax return Éstos incluyen intereses sobre préstamos que se utilizan para actividades de alquiler que no sean las de comprar, construir o mejorar la unidad habitable. Need to amend tax return También incluya los honorarios de agencia de alquiler, la publicidad, los útiles de oficina y la depreciación sobre equipo de oficina que se usó en su actividad de alquiler. Need to amend tax return           Línea 2e. Need to amend tax return Puede deducir las cantidades de las líneas 2a, 2b, 2c y 2d como gastos de alquiler en el Anexo E aun cuando los gastos de alquiler sean mayores que el ingreso de alquiler. Need to amend tax return Anote las cantidades de las líneas 2a, 2b, 2c y 2d en las líneas correspondientes del Anexo E. Need to amend tax return           Línea 4b. Need to amend tax return En la línea 2a, usted anotó la parte de los intereses hipotecarios y primas de seguro hipotecario calificadas correspondiente al alquiler que podría deducir en el Anexo A si no hubiera alquilado la vivienda. Need to amend tax return Si tenía intereses hipotecarios y primas de seguro hipotecario calificadas adicionales que no serían deducibles en el Anexo A debido a límites correspondientes a los mismos, anote en la línea 4b de esta hoja de trabajo la parte de alquiler de esas cantidades en exceso. Need to amend tax return No incluya intereses de un préstamo que no haya beneficiado la unidad habitable (como se explicó en las instrucciones para la línea 2a). Need to amend tax return           Línea 4e. Need to amend tax return Puede deducir las cantidades de las líneas 4a, 4b y 4c como gastos de alquiler en el Anexo E sólo hasta el punto en el que no superen la cantidad de la línea 4e. Need to amend tax return *           Línea 6a. Need to amend tax return Para encontrar la parte de las pérdidas excedentes por hechos fortuitos o robos correspondientes al alquiler, utilice el Formulario 4684 que preparó para la línea 2c de esta hoja de trabajo. Need to amend tax return   A. Need to amend tax return Anote la cantidad de la línea 10 del Formulario 4684       B. Need to amend tax return Anote la parte de alquiler de la línea A       C. Need to amend tax return Anote la cantidad de la línea 2c de esta hoja de trabajo       D. Need to amend tax return Reste la línea C de la línea B. Need to amend tax return Anote el resultado aquí y en la línea 6a de esta hoja de trabajo               Línea 6e. Need to amend tax return Puede deducir las cantidades de las líneas 6a, 6b y 6c como gastos de alquiler en el Anexo E sólo en la medida en que no superen la cantidad de la línea 6e. Need to amend tax return * *Asignación de la deducción limitada. Need to amend tax return Si no puede deducir toda la cantidad en la línea 4d o 6d este año, puede asignar la deducción permisible según le convenga entre los gastos incluidos en las líneas 4d o 6d. Need to amend tax return Anote la cantidad que asigne a cada gasto en la línea correspondiente de la Parte I del Anexo E. Need to amend tax return
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The Need To Amend Tax Return

Need to amend tax return 17. Need to amend tax return   Individual Retirement Arrangements (IRAs) Table of Contents What's New Reminders Introduction Useful Items - You may want to see: Traditional IRAsWho Can Open a Traditional IRA? When and How Can a Traditional IRA Be Opened? How Much Can Be Contributed? When Can Contributions Be Made? How Much Can You Deduct? Nondeductible Contributions Inherited IRAs Can You Move Retirement Plan Assets? When Can You Withdraw or Use IRA Assets? When Must You Withdraw IRA Assets? (Required Minimum Distributions) Are Distributions Taxable? What Acts Result in Penalties or Additional Taxes? Roth IRAsWhat Is a Roth IRA? When Can a Roth IRA Be Opened? Can You Contribute to a Roth IRA? Can You Move Amounts Into a Roth IRA? Are Distributions Taxable? What's New Traditional IRA contribution and deduction limit. Need to amend tax return  The contribution limit to your traditional IRA for 2013 will be increased to the smaller of the following amounts: $5,500, or Your taxable compensation for the year. Need to amend tax return If you were age 50 or older before 2014, the most that can be contributed to your traditional IRA for 2013 will be the smaller of the following amounts: $6,500, or Your taxable compensation for the year. Need to amend tax return For more information, see How Much Can Be Contributed? later. Need to amend tax return Roth IRA contribution limit. Need to amend tax return  If contributions on your behalf are made only to Roth IRAs, your contribution limit for 2013 will generally be the lesser of: $5,500, or Your taxable compensation for the year. Need to amend tax return If you were age 50 or older before 2014 and contributions on your behalf were made only to Roth IRAs, your contribution limit for 2013 will generally be the lesser of: $6,500, or Your taxable compensation for the year. Need to amend tax return However, if your modified adjusted gross income (AGI) is above a certain amount, your contribution limit may be reduced. Need to amend tax return For more information, see How Much Can Be Contributed? under Can You Contribute to a Roth IRA? later. Need to amend tax return Modified AGI limit for traditional IRA contributions increased. Need to amend tax return  For 2013, if you were covered by a retirement plan at work, your deduction for contributions to a traditional IRA is reduced (phased out) if your modified AGI is: More than $95,000 but less than $115,000 for a married couple filing a joint return or a qualifying widow(er), More than $59,000 but less than $69,000 for a single individual or head of household, or Less than $10,000 for a married individual filing a separate return. Need to amend tax return If you either lived with your spouse or file a joint return, and your spouse was covered by a retirement plan at work, but you were not, your deduction is phased out if your modified AGI is more than $178,000 but less than $188,000. Need to amend tax return If your modified AGI is $188,000 or more, you cannot take a deduction for contributions to a traditional IRA. Need to amend tax return See How Much Can You Deduct , later. Need to amend tax return Modified AGI limit for Roth IRA contributions increased. Need to amend tax return  For 2013, your Roth IRA contribution limit is reduced (phased out) in the following situations. Need to amend tax return Your filing status is married filing jointly or qualifying widow(er) and your modified AGI is at least $178,000. Need to amend tax return You cannot make a Roth IRA contribution if your modified AGI is $188,000 or more. Need to amend tax return Your filing status is single, head of household, or married filing separately and you did not live with your spouse at any time in 2013 and your modified AGI is at least $112,000. Need to amend tax return You cannot make a Roth IRA contribution if your modified AGI is $127,000 or more. Need to amend tax return Your filing status is married filing separately, you lived with your spouse at any time during the year, and your modified AGI is more than -0-. Need to amend tax return You cannot make a Roth IRA contribution if your modified AGI is $10,000 or more. Need to amend tax return See Can You Contribute to a Roth IRA , later. Need to amend tax return Net Investment Income Tax. Need to amend tax return   For purposes of the Net Investment Income Tax (NIIT), net investment income does not include distributions from a qualified retirement plan including IRAs (for example; 401(a), 403(a), 403(b), 408, 408A, or 457(b) plans). Need to amend tax return However, these distributions are taken into account when determining the modified adjusted gross income threshold. Need to amend tax return Distributions from a nonqualified retirement plan are included in net investment income. Need to amend tax return See Form 8960, Net Investment Income Tax - Individuals, Estates, and Trusts, and its instructions for more information. Need to amend tax return Name change. Need to amend tax return  All spousal IRAs have been renamed Kay Bailey Hutchison Spousal IRAs. Need to amend tax return There are no changes to the rules regarding these IRAs. Need to amend tax return See Kay Bailey Hutchison Spousal IRA Limit , later, for more information. Need to amend tax return Reminders 2014 limits. Need to amend tax return   You can find information about the 2014 contribution and AGI limits in Publication 590. Need to amend tax return Contributions to both traditional and Roth IRAs. Need to amend tax return   For information on your combined contribution limit if you contribute to both traditional and Roth IRAs, see Roth IRAs and traditional IRAs under How Much Can Be Contributed? in Roth IRAs, later. Need to amend tax return Statement of required minimum distribution. Need to amend tax return  If a minimum distribution from your IRA is required, the trustee, custodian, or issuer that held the IRA at the end of the preceding year must either report the amount of the required minimum distribution to you, or offer to calculate it for you. Need to amend tax return The report or offer must include the date by which the amount must be distributed. Need to amend tax return The report is due January 31 of the year in which the minimum distribution is required. Need to amend tax return It can be provided with the year-end fair market value statement that you normally get each year. Need to amend tax return No report is required for IRAs of owners who have died. Need to amend tax return IRA interest. Need to amend tax return  Although interest earned from your IRA is generally not taxed in the year earned, it is not tax-exempt interest. Need to amend tax return Tax on your traditional IRA is generally deferred until you take a distribution. Need to amend tax return Do not report this interest on your tax return as tax-exempt interest. Need to amend tax return Form 8606. Need to amend tax return   To designate contributions as nondeductible, you must file Form 8606, Nondeductible IRAs. Need to amend tax return The term “50 or older” is used several times in this chapter. Need to amend tax return It refers to an IRA owner who is age 50 or older by the end of the tax year. Need to amend tax return Introduction An individual retirement arrangement (IRA) is a personal savings plan that gives you tax advantages for setting aside money for your retirement. Need to amend tax return This chapter discusses the following topics. Need to amend tax return The rules for a traditional IRA (any IRA that is not a Roth or SIMPLE IRA). Need to amend tax return The Roth IRA, which features nondeductible contributions and tax-free distributions. Need to amend tax return Simplified Employee Pensions (SEPs) and Savings Incentive Match Plans for Employees (SIMPLEs) are not discussed in this chapter. Need to amend tax return For more information on these plans and employees' SEP IRAs and SIMPLE IRAs that are part of these plans, see Publications 560 and 590. Need to amend tax return For information about contributions, deductions, withdrawals, transfers, rollovers, and other transactions, see Publication 590. Need to amend tax return Useful Items - You may want to see: Publication 560 Retirement Plans for Small Business 590 Individual Retirement Arrangements (IRAs) Form (and Instructions) 5329 Additional Taxes on Qualified Plans (including IRAs) and Other Tax-Favored Accounts 8606 Nondeductible IRAs Traditional IRAs In this chapter, the original IRA (sometimes called an ordinary or regular IRA) is referred to as a “traditional IRA. Need to amend tax return ” A traditional IRA is any IRA that is not a Roth IRA or a SIMPLE IRA. Need to amend tax return Two advantages of a traditional IRA are: You may be able to deduct some or all of your contributions to it, depending on your circumstances, and Generally, amounts in your IRA, including earnings and gains, are not taxed until they are distributed. Need to amend tax return Who Can Open a Traditional IRA? You can open and make contributions to a traditional IRA if: You (or, if you file a joint return, your spouse) received taxable compensation during the year, and You were not age 70½ by the end of the year. Need to amend tax return What is compensation?   Generally, compensation is what you earn from working. Need to amend tax return Compensation includes wages, salaries, tips, professional fees, bonuses, and other amounts you receive for providing personal services. Need to amend tax return The IRS treats as compensation any amount properly shown in box 1 (Wages, tips, other compensation) of Form W-2, Wage and Tax Statement, provided that amount is reduced by any amount properly shown in box 11 (Nonqualified plans). Need to amend tax return   Scholarship and fellowship payments are compensation for this purpose only if shown in box 1 of Form W-2. Need to amend tax return   Compensation also includes commissions and taxable alimony and separate maintenance payments. Need to amend tax return Self-employment income. Need to amend tax return   If you are self-employed (a sole proprietor or a partner), compensation is the net earnings from your trade or business (provided your personal services are a material income-producing factor) reduced by the total of: The deduction for contributions made on your behalf to retirement plans, and The deductible part of your self-employment tax. Need to amend tax return   Compensation includes earnings from self-employment even if they are not subject to self-employment tax because of your religious beliefs. Need to amend tax return Nontaxable combat pay. Need to amend tax return   For IRA purposes, if you were a member of the U. Need to amend tax return S. Need to amend tax return Armed Forces, your compensation includes any nontaxable combat pay you receive. Need to amend tax return What is not compensation?   Compensation does not include any of the following items. Need to amend tax return Earnings and profits from property, such as rental income, interest income, and dividend income. Need to amend tax return Pension or annuity income. Need to amend tax return Deferred compensation received (compensation payments postponed from a past year). Need to amend tax return Income from a partnership for which you do not provide services that are a material income-producing factor. Need to amend tax return Conservation Reserve Program (CRP) payments reported on Schedule SE (Form 1040), line 1b. Need to amend tax return Any amounts (other than combat pay) you exclude from income, such as foreign earned income and housing costs. Need to amend tax return When and How Can a Traditional IRA Be Opened? You can open a traditional IRA at any time. Need to amend tax return However, the time for making contributions for any year is limited. Need to amend tax return See When Can Contributions Be Made , later. Need to amend tax return You can open different kinds of IRAs with a variety of organizations. Need to amend tax return You can open an IRA at a bank or other financial institution or with a mutual fund or life insurance company. Need to amend tax return You can also open an IRA through your stockbroker. Need to amend tax return Any IRA must meet Internal Revenue Code requirements. Need to amend tax return Kinds of traditional IRAs. Need to amend tax return   Your traditional IRA can be an individual retirement account or annuity. Need to amend tax return It can be part of either a simplified employee pension (SEP) or an employer or employee association trust account. Need to amend tax return How Much Can Be Contributed? There are limits and other rules that affect the amount that can be contributed to a traditional IRA. Need to amend tax return These limits and other rules are explained below. Need to amend tax return Community property laws. Need to amend tax return   Except as discussed later under Kay Bailey Hutchison Spousal IRA limit , each spouse figures his or her limit separately, using his or her own compensation. Need to amend tax return This is the rule even in states with community property laws. Need to amend tax return Brokers' commissions. Need to amend tax return   Brokers' commissions paid in connection with your traditional IRA are subject to the contribution limit. Need to amend tax return Trustees' fees. Need to amend tax return   Trustees' administrative fees are not subject to the contribution limit. Need to amend tax return Qualified reservist repayments. Need to amend tax return   If you are (or were) a member of a reserve component and you were ordered or called to active duty after September 11, 2001, you may be able to contribute (repay) to an IRA amounts equal to any qualified reservist distributions you received. Need to amend tax return You can make these repayment contributions even if they would cause your total contributions to the IRA to be more than the general limit on contributions. Need to amend tax return To be eligible to make these repayment contributions, you must have received a qualified reservist distribution from an IRA or from a section 401(k) or 403(b) plan or similar arrangement. Need to amend tax return   For more information, see Qualified reservist repayments under How Much Can Be Contributed? in chapter 1 of Publication 590. Need to amend tax return Contributions on your behalf to a traditional IRA reduce your limit for contributions to a Roth IRA. Need to amend tax return (See Roth IRAs, later. Need to amend tax return ) General limit. Need to amend tax return   For 2013, the most that can be contributed to your traditional IRA generally is the smaller of the following amounts. Need to amend tax return $5,500 ($6,500 if you are 50 or older). Need to amend tax return Your taxable compensation (defined earlier) for the year. Need to amend tax return This is the most that can be contributed regardless of whether the contributions are to one or more traditional IRAs or whether all or part of the contributions are nondeductible. Need to amend tax return (See Nondeductible Contributions , later. Need to amend tax return ) Qualified reservist repayments do not affect this limit. Need to amend tax return Example 1. Need to amend tax return Betty, who is 34 years old and single, earned $24,000 in 2013. Need to amend tax return Her IRA contributions for 2013 are limited to $5,500. Need to amend tax return Example 2. Need to amend tax return John, an unmarried college student working part time, earned $3,500 in 2013. Need to amend tax return His IRA contributions for 2013 are limited to $3,500, the amount of his compensation. Need to amend tax return Kay Bailey Hutchison Spousal IRA limit. Need to amend tax return   For 2013, if you file a joint return and your taxable compensation is less than that of your spouse, the most that can be contributed for the year to your IRA is the smaller of the following amounts. Need to amend tax return $5,500 ($6,500 if you are 50 or older). Need to amend tax return The total compensation includible in the gross income of both you and your spouse for the year, reduced by the following two amounts. Need to amend tax return Your spouse's IRA contribution for the year to a traditional IRA. Need to amend tax return Any contribution for the year to a Roth IRA on behalf of your spouse. Need to amend tax return This means that the total combined contributions that can be made for the year to your IRA and your spouse's IRA can be as much as $11,000 ($12,000 if only one of you is 50 or older, or $13,000 if both of you are 50 or older). Need to amend tax return When Can Contributions Be Made? As soon as you open your traditional IRA, contributions can be made to it through your chosen sponsor (trustee or other administrator). Need to amend tax return Contributions must be in the form of money (cash, check, or money order). Need to amend tax return Property cannot be contributed. Need to amend tax return Contributions must be made by due date. Need to amend tax return   Contributions can be made to your traditional IRA for a year at any time during the year or by the due date for filing your return for that year, not including extensions. Need to amend tax return Age 70½ rule. Need to amend tax return   Contributions cannot be made to your traditional IRA for the year in which you reach age 70½ or for any later year. Need to amend tax return   You attain age 70½ on the date that is 6 calendar months after the 70th anniversary of your birth. Need to amend tax return If you were born on or before June 30, 1943, you cannot contribute for 2013 or any later year. Need to amend tax return Designating year for which contribution is made. Need to amend tax return   If an amount is contributed to your traditional IRA between January 1 and April 15, you should tell the sponsor which year (the current year or the previous year) the contribution is for. Need to amend tax return If you do not tell the sponsor which year it is for, the sponsor can assume, and report to the IRS, that the contribution is for the current year (the year the sponsor received it). Need to amend tax return Filing before a contribution is made. Need to amend tax return   You can file your return claiming a traditional IRA contribution before the contribution is actually made. Need to amend tax return Generally, the contribution must be made by the due date of your return, not including extensions. Need to amend tax return Contributions not required. Need to amend tax return   You do not have to contribute to your traditional IRA for every tax year, even if you can. Need to amend tax return How Much Can You Deduct? Generally, you can deduct the lesser of: The contributions to your traditional IRA for the year, or The general limit (or the Kay Bailey Hutchison Spousal IRA limit, if it applies). Need to amend tax return However, if you or your spouse was covered by an employer retirement plan, you may not be able to deduct this amount. Need to amend tax return See Limit If Covered by Employer Plan , later. Need to amend tax return You may be able to claim a credit for contributions to your traditional IRA. Need to amend tax return For more information, see chapter 37. Need to amend tax return Trustees' fees. Need to amend tax return   Trustees' administrative fees that are billed separately and paid in connection with your traditional IRA are not deductible as IRA contributions. Need to amend tax return However, they may be deductible as a miscellaneous itemized deduction on Schedule A (Form 1040). Need to amend tax return See chapter 28. Need to amend tax return Brokers' commissions. Need to amend tax return   Brokers' commissions are part of your IRA contribution and, as such, are deductible subject to the limits. Need to amend tax return Full deduction. Need to amend tax return   If neither you nor your spouse was covered for any part of the year by an employer retirement plan, you can take a deduction for total contributions to one or more traditional IRAs of up to the lesser of: $5,500 ($6,500 if you are age 50 or older in 2013). Need to amend tax return 100% of your compensation. Need to amend tax return This limit is reduced by any contributions made to a 501(c)(18) plan on your behalf. Need to amend tax return Kay Bailey Hutchison Spousal IRA. Need to amend tax return   In the case of a married couple with unequal compensation who file a joint return, the deduction for contributions to the traditional IRA of the spouse with less compensation is limited to the lesser of the following amounts. Need to amend tax return $5,500 ($6,500 if the spouse with the lower compensation is age 50 or older in 2013). Need to amend tax return The total compensation includible in the gross income of both spouses for the year reduced by the following three amounts. Need to amend tax return The IRA deduction for the year of the spouse with the greater compensation. Need to amend tax return Any designated nondeductible contribution for the year made on behalf of the spouse with the greater compensation. Need to amend tax return Any contributions for the year to a Roth IRA on behalf of the spouse with the greater compensation. Need to amend tax return This limit is reduced by any contributions to a 501(c)(18) plan on behalf of the spouse with the lesser compensation. Need to amend tax return Note. Need to amend tax return If you were divorced or legally separated (and did not remarry) before the end of the year, you cannot deduct any contributions to your spouse's IRA. Need to amend tax return After a divorce or legal separation, you can deduct only contributions to your own IRA. Need to amend tax return Your deductions are subject to the rules for single individuals. Need to amend tax return Covered by an employer retirement plan. Need to amend tax return   If you or your spouse was covered by an employer retirement plan at any time during the year for which contributions were made, your deduction may be further limited. Need to amend tax return This is discussed later under Limit If Covered by Employer Plan . Need to amend tax return Limits on the amount you can deduct do not affect the amount that can be contributed. Need to amend tax return See Nondeductible Contributions , later. Need to amend tax return Are You Covered by an Employer Plan? The Form W-2 you receive from your employer has a box used to indicate whether you were covered for the year. Need to amend tax return The “Retirement plan” box should be checked if you were covered. Need to amend tax return Reservists and volunteer firefighters should also see Situations in Which You Are Not Covered by an Employer Plan , later. Need to amend tax return If you are not certain whether you were covered by your employer's retirement plan, you should ask your employer. Need to amend tax return Federal judges. Need to amend tax return   For purposes of the IRA deduction, federal judges are covered by an employer retirement plan. Need to amend tax return For Which Year(s) Are You Covered by an Employer Plan? Special rules apply to determine the tax years for which you are covered by an employer plan. Need to amend tax return These rules differ depending on whether the plan is a defined contribution plan or a defined benefit plan. Need to amend tax return Tax year. Need to amend tax return   Your tax year is the annual accounting period you use to keep records and report income and expenses on your income tax return. Need to amend tax return For almost all people, the tax year is the calendar year. Need to amend tax return Defined contribution plan. Need to amend tax return   Generally, you are covered by a defined contribution plan for a tax year if amounts are contributed or allocated to your account for the plan year that ends with or within that tax year. Need to amend tax return   A defined contribution plan is a plan that provides for a separate account for each person covered by the plan. Need to amend tax return Types of defined contribution plans include profit-sharing plans, stock bonus plans, and money purchase pension plans. Need to amend tax return Defined benefit plan. Need to amend tax return   If you are eligible to participate in your employer's defined benefit plan for the plan year that ends within your tax year, you are covered by the plan. Need to amend tax return This rule applies even if you: Declined to participate in the plan, Did not make a required contribution, or Did not perform the minimum service required to accrue a benefit for the year. Need to amend tax return   A defined benefit plan is any plan that is not a defined contribution plan. Need to amend tax return Defined benefit plans include pension plans and annuity plans. Need to amend tax return No vested interest. Need to amend tax return   If you accrue a benefit for a plan year, you are covered by that plan even if you have no vested interest in (legal right to) the accrual. Need to amend tax return Situations in Which You Are Not Covered by an Employer Plan Unless you are covered under another employer plan, you are not covered by an employer plan if you are in one of the situations described below. Need to amend tax return Social security or railroad retirement. Need to amend tax return   Coverage under social security or railroad retirement is not coverage under an employer retirement plan. Need to amend tax return Benefits from a previous employer's plan. Need to amend tax return   If you receive retirement benefits from a previous employer's plan, you are not covered by that plan. Need to amend tax return Reservists. Need to amend tax return   If the only reason you participate in a plan is because you are a member of a reserve unit of the armed forces, you may not be covered by the plan. Need to amend tax return You are not covered by the plan if both of the following conditions are met. Need to amend tax return The plan you participate in is established for its employees by: The United States, A state or political subdivision of a state, or An instrumentality of either (a) or (b) above. Need to amend tax return You did not serve more than 90 days on active duty during the year (not counting duty for training). Need to amend tax return Volunteer firefighters. Need to amend tax return   If the only reason you participate in a plan is because you are a volunteer firefighter, you may not be covered by the plan. Need to amend tax return You are not covered by the plan if both of the following conditions are met. Need to amend tax return The plan you participate in is established for its employees by: The United States, A state or political subdivision of a state, or An instrumentality of either (a) or (b) above. Need to amend tax return Your accrued retirement benefits at the beginning of the year will not provide more than $1,800 per year at retirement. Need to amend tax return Limit If Covered by Employer Plan If either you or your spouse was covered by an employer retirement plan, you may be entitled to only a partial (reduced) deduction or no deduction at all, depending on your income and your filing status. Need to amend tax return Your deduction begins to decrease (phase out) when your income rises above a certain amount and is eliminated altogether when it reaches a higher amount. Need to amend tax return These amounts vary depending on your filing status. Need to amend tax return To determine if your deduction is subject to phaseout, you must determine your modified adjusted gross income (AGI) and your filing status. Need to amend tax return See Filing status and Modified adjusted gross income (AGI) , later. Need to amend tax return Then use Table 17-1 or 17-2 to determine if the phaseout applies. Need to amend tax return Social security recipients. Need to amend tax return   Instead of using Table 17-1 or Table 17-2, use the worksheets in Appendix B of Publication 590 if, for the year, all of the following apply. Need to amend tax return You received social security benefits. Need to amend tax return You received taxable compensation. Need to amend tax return Contributions were made to your traditional IRA. Need to amend tax return You or your spouse was covered by an employer retirement plan. Need to amend tax return Use those worksheets to figure your IRA deduction, your nondeductible contribution, and the taxable portion, if any, of your social security benefits. Need to amend tax return Deduction phaseout. Need to amend tax return   If you were covered by an employer retirement plan and you did not receive any social security retirement benefits, your IRA deduction may be reduced or eliminated depending on your filing status and modified AGI as shown in Table 17-1. Need to amend tax return Table 17-1. Need to amend tax return Effect of Modified AGI1 on Deduction if You Are Covered by Retirement Plan at Work If you are covered by a retirement plan at work, use this table to determine if your modified AGI affects the amount of your deduction. Need to amend tax return IF your filing status is. Need to amend tax return . Need to amend tax return . Need to amend tax return   AND your modified AGI is. Need to amend tax return . Need to amend tax return . Need to amend tax return   THEN you can take. Need to amend tax return . Need to amend tax return . Need to amend tax return single   or  head of household   $59,000 or less   a full deduction. Need to amend tax return   more than $59,000 but less than $69,000   a partial deduction. Need to amend tax return   $69,000 or more   no deduction. Need to amend tax return married filing jointly   or  qualifying widow(er)   $95,000 or less   a full deduction. Need to amend tax return   more than $95,000 but less than $115,000   a partial deduction. Need to amend tax return   $115,000 or more   no deduction. Need to amend tax return married filing separately2   less than $10,000   a partial deduction. Need to amend tax return   $10,000 or more   no deduction. Need to amend tax return 1Modified AGI (adjusted gross income). Need to amend tax return See Modified adjusted gross income (AGI) . Need to amend tax return 2If you did not live with your spouse at any time during the year, your filing status is considered Single for this purpose (therefore, your IRA deduction is determined under the “Single” column). Need to amend tax return If your spouse is covered. Need to amend tax return   If you are not covered by an employer retirement plan, but your spouse is, and you did not receive any social security benefits, your IRA deduction may be reduced or eliminated entirely depending on your filing status and modified AGI as shown in Table 17-2. Need to amend tax return Filing status. Need to amend tax return   Your filing status depends primarily on your marital status. Need to amend tax return For this purpose, you need to know if your filing status is single or head of household, married filing jointly or qualifying widow(er), or married filing separately. Need to amend tax return If you need more information on filing status, see chapter 2. Need to amend tax return Lived apart from spouse. Need to amend tax return   If you did not live with your spouse at any time during the year and you file a separate return, your filing status, for this purpose, is single. Need to amend tax return Table 17-2. Need to amend tax return Effect of Modified AGI1 on Deduction if You Are NOT Covered by Retirement Plan at Work If you are not covered by a retirement plan at work, use this table to determine if your modified AGI affects the amount of your deduction. Need to amend tax return IF your filing status is. Need to amend tax return . Need to amend tax return . Need to amend tax return   AND your modified AGI is. Need to amend tax return . Need to amend tax return . Need to amend tax return   THEN you can take. Need to amend tax return . Need to amend tax return . Need to amend tax return single, head of household, or qualifying widow(er)   any amount   a full deduction. Need to amend tax return married filing jointly or separately with a spouse who is not covered by a plan at work   any amount   a full deduction. Need to amend tax return married filing jointly with a spouse who is covered by a plan at work   $178,000 or less   a full deduction. Need to amend tax return   more than $178,000 but less than $188,000   a partial deduction. Need to amend tax return   $188,000 or more   no deduction. Need to amend tax return married filing separately with a spouse who is covered by a plan at work2   less than $10,000   a partial deduction. Need to amend tax return   $10,000 or more   no deduction. Need to amend tax return 1Modified AGI (adjusted gross income). Need to amend tax return See Modified adjusted gross income (AGI) . Need to amend tax return 2You are entitled to the full deduction if you did not live with your spouse at any time during the year. Need to amend tax return Modified adjusted gross income (AGI). Need to amend tax return   How you figure your modified AGI depends on whether you are filing Form 1040 or Form 1040A. Need to amend tax return If you made contributions to your IRA for 2013 and received a distribution from your IRA in 2013, see Publication 590. Need to amend tax return You may be able to use Worksheet 17-1 to figure your modified AGI. Need to amend tax return    Do not assume that your modified AGI is the same as your compensation. Need to amend tax return Your modified AGI may include income in addition to your compensation (discussed earlier), such as interest, dividends, and income from IRA distributions. Need to amend tax return Form 1040. Need to amend tax return   If you file Form 1040, refigure the amount on the page 1 “adjusted gross income” line without taking into account any of the following eight amounts. Need to amend tax return IRA deduction. Need to amend tax return Student loan interest deduction. Need to amend tax return Tuition and fees deduction. Need to amend tax return Domestic production activities deduction. Need to amend tax return Foreign earned income exclusion. Need to amend tax return Foreign housing exclusion or deduction. Need to amend tax return Exclusion of qualified savings bond interest shown on Form 8815, Exclusion of Interest From Series EE and I U. Need to amend tax return S. Need to amend tax return Savings Bonds Issued After 1989. Need to amend tax return Exclusion of employer-provided adoption benefits shown on Form 8839, Qualified Adoption Expenses. Need to amend tax return This is your modified AGI. Need to amend tax return Form 1040A. Need to amend tax return   If you file Form 1040A, refigure the amount on the page 1 “adjusted gross income” line without taking into account any of the following amounts. Need to amend tax return IRA deduction. Need to amend tax return Student loan interest deduction. Need to amend tax return Tuition and fees deduction. Need to amend tax return Exclusion of qualified savings bond interest shown on Form 8815. Need to amend tax return This is your modified AGI. Need to amend tax return Both contributions for 2013 and distributions in 2013. Need to amend tax return   If all three of the following apply, any IRA distributions you received in 2013 may be partly tax free and partly taxable. Need to amend tax return You received distributions in 2013 from one or more traditional IRAs. Need to amend tax return You made contributions to a traditional IRA for 2013. Need to amend tax return Some of those contributions may be nondeductible contributions. Need to amend tax return If this is your situation, you must figure the taxable part of the traditional IRA distribution before you can figure your modified AGI. Need to amend tax return To do this, you can use Worksheet 1-5, Figuring the Taxable Part of Your IRA Distribution, in Publication 590. Need to amend tax return   If at least one of the above does not apply, figure your modified AGI using Worksheet 17-1, later. Need to amend tax return    How to figure your reduced IRA deduction. Need to amend tax return   You can figure your reduced IRA deduction for either Form 1040 or Form 1040A by using the worksheets in chapter 1 of Publication 590. Need to amend tax return Also, the instructions for Form 1040 and Form 1040A include similar worksheets that you may be able to use instead. Need to amend tax return Worksheet 17-1. Need to amend tax return Figuring Your Modified AGI Use this worksheet to figure your modified adjusted gross income for traditional IRA purposes. Need to amend tax return 1. Need to amend tax return Enter your adjusted gross income (AGI) from Form 1040, line 38, or Form 1040A, line 22, figured without taking into account the amount from Form 1040, line 32, or Form 1040A, line 17 1. Need to amend tax return   2. Need to amend tax return Enter any student loan interest deduction from Form 1040, line 33, or Form 1040A, line 18 2. Need to amend tax return   3. Need to amend tax return Enter any tuition and fees deduction from Form 1040, line 34, or Form 1040A, line 19 3. Need to amend tax return   4. Need to amend tax return Enter any domestic production activities deduction from Form 1040, line 35 4. Need to amend tax return   5. Need to amend tax return Enter any foreign earned income and/or housing exclusion from Form 2555, line 45, or Form 2555-EZ, line 18 5. Need to amend tax return   6. Need to amend tax return Enter any foreign housing deduction from Form 2555, line 50 6. Need to amend tax return   7. Need to amend tax return Enter any excludable savings bond interest from Form 8815, line 14 7. Need to amend tax return   8. Need to amend tax return Enter any excluded employer-provided adoption benefits from Form 8839, line 28 8. Need to amend tax return   9. Need to amend tax return Add lines 1 through 8. Need to amend tax return This is your Modified AGI for traditional IRA purposes 9. Need to amend tax return   Reporting Deductible Contributions If you file Form 1040, enter your IRA deduction on line 32 of that form. Need to amend tax return If you file Form 1040A, enter your IRA deduction on line 17. Need to amend tax return You cannot deduct IRA contributions on Form 1040EZ. Need to amend tax return Nondeductible Contributions Although your deduction for IRA contributions may be reduced or eliminated, contributions can be made to your IRA up to the general limit or, if it applies, the Kay Bailey Hutchison Spousal IRA limit. Need to amend tax return The difference between your total permitted contributions and your IRA deduction, if any, is your nondeductible contribution. Need to amend tax return Example. Need to amend tax return Mike is 28 years old and single. Need to amend tax return In 2013, he was covered by a retirement plan at work. Need to amend tax return His salary was $57,312. Need to amend tax return His modified AGI was $70,000. Need to amend tax return Mike made a $5,500 IRA contribution for 2013. Need to amend tax return Because he was covered by a retirement plan and his modified AGI was over $69,000, he cannot deduct his $5,500 IRA contribution. Need to amend tax return He must designate this contribution as a nondeductible contribution by reporting it on Form 8606, as explained next. Need to amend tax return Form 8606. Need to amend tax return   To designate contributions as nondeductible, you must file Form 8606. Need to amend tax return   You do not have to designate a contribution as nondeductible until you file your tax return. Need to amend tax return When you file, you can even designate otherwise deductible contributions as nondeductible. Need to amend tax return   You must file Form 8606 to report nondeductible contributions even if you do not have to file a tax return for the year. Need to amend tax return A Form 8606 is not used for the year that you make a rollover from a qualified retirement plan to a traditional IRA and the rollover includes nontaxable amounts. Need to amend tax return In those situations, a Form 8606 is completed for the year you take a distribution from that IRA. Need to amend tax return See Form 8606 under Distributions Fully or Partly Taxable, later. Need to amend tax return Failure to report nondeductible contributions. Need to amend tax return   If you do not report nondeductible contributions, all of the contributions to your traditional IRA will be treated as deductible contributions when withdrawn. Need to amend tax return All distributions from your IRA will be taxed unless you can show, with satisfactory evidence, that nondeductible contributions were made. Need to amend tax return Penalty for overstatement. Need to amend tax return   If you overstate the amount of nondeductible contributions on your Form 8606 for any tax year, you must pay a penalty of $100 for each overstatement, unless it was due to reasonable cause. Need to amend tax return Penalty for failure to file Form 8606. Need to amend tax return   You will have to pay a $50 penalty if you do not file a required Form 8606, unless you can prove that the failure was due to reasonable cause. Need to amend tax return    Tax on earnings on nondeductible contributions. Need to amend tax return   As long as contributions are within the contribution limits, none of the earnings or gains on contributions (deductible or nondeductible) will be taxed until they are distributed. Need to amend tax return See When Can You Withdraw or Use IRA Assets , later. Need to amend tax return Cost basis. Need to amend tax return   You will have a cost basis in your traditional IRA if you made any nondeductible contributions. Need to amend tax return Your cost basis is the sum of the nondeductible contributions to your IRA minus any withdrawals or distributions of nondeductible contributions. Need to amend tax return Inherited IRAs If you inherit a traditional IRA, you are called a beneficiary. Need to amend tax return A beneficiary can be any person or entity the owner chooses to receive the benefits of the IRA after he or she dies. Need to amend tax return Beneficiaries of a traditional IRA must include in their gross income any taxable distributions they receive. Need to amend tax return Inherited from spouse. Need to amend tax return   If you inherit a traditional IRA from your spouse, you generally have the following three choices. Need to amend tax return You can: Treat it as your own IRA by designating yourself as the account owner. Need to amend tax return Treat it as your own by rolling it over into your IRA, or to the extent it is taxable, into a: Qualified employer plan, Qualified employee annuity plan (section 403(a) plan), Tax-sheltered annuity plan (section 403(b) plan), or Deferred compensation plan of a state or local government (section 457 plan). Need to amend tax return Treat yourself as the beneficiary rather than treating the IRA as your own. Need to amend tax return Treating it as your own. Need to amend tax return   You will be considered to have chosen to treat the IRA as your own if: Contributions (including rollover contributions) are made to the inherited IRA, or You do not take the required minimum distribution for a year as a beneficiary of the IRA. Need to amend tax return You will only be considered to have chosen to treat the IRA as your own if: You are the sole beneficiary of the IRA, and You have an unlimited right to withdraw amounts from it. Need to amend tax return   However, if you receive a distribution from your deceased spouse's IRA, you can roll that distribution over into your own IRA within the 60-day time limit, as long as the distribution is not a required distribution, even if you are not the sole beneficiary of your deceased spouse's IRA. Need to amend tax return Inherited from someone other than spouse. Need to amend tax return   If you inherit a traditional IRA from anyone other than your deceased spouse, you cannot treat the inherited IRA as your own. Need to amend tax return This means that you cannot make any contributions to the IRA. Need to amend tax return It also means you cannot roll over any amounts into or out of the inherited IRA. Need to amend tax return However, you can make a trustee-to-trustee transfer as long as the IRA into which amounts are being moved is set up and maintained in the name of the deceased IRA owner for the benefit of you as beneficiary. Need to amend tax return For more information, see the discussion of inherited IRAs under Rollover From One IRA Into Another, later. Need to amend tax return Can You Move Retirement Plan Assets? You can transfer, tax free, assets (money or property) from other retirement plans (including traditional IRAs) to a traditional IRA. Need to amend tax return You can make the following kinds of transfers. Need to amend tax return Transfers from one trustee to another. Need to amend tax return Rollovers. Need to amend tax return Transfers incident to a divorce. Need to amend tax return Transfers to Roth IRAs. Need to amend tax return   Under certain conditions, you can move assets from a traditional IRA or from a designated Roth account to a Roth IRA. Need to amend tax return You can also move assets from a qualified retirement plan to a Roth IRA. Need to amend tax return See Can You Move Amounts Into a Roth IRA? under Roth IRAs, later. Need to amend tax return Trustee-to-Trustee Transfer A transfer of funds in your traditional IRA from one trustee directly to another, either at your request or at the trustee's request, is not a rollover. Need to amend tax return Because there is no distribution to you, the transfer is tax free. Need to amend tax return Because it is not a rollover, it is not affected by the 1-year waiting period required between rollovers, discussed later under Rollover From One IRA Into Another . Need to amend tax return For information about direct transfers to IRAs from retirement plans other than IRAs, see Can You Move Retirement Plan Assets? in chapter 1 and Can You Move Amounts Into a Roth IRA? in chapter 2 of Publication 590. Need to amend tax return Rollovers Generally, a rollover is a tax-free distribution to you of cash or other assets from one retirement plan that you contribute (roll over) to another retirement plan. Need to amend tax return The contribution to the second retirement plan is called a “rollover contribution. Need to amend tax return ” Note. Need to amend tax return An amount rolled over tax free from one retirement plan to another is generally includible in income when it is distributed from the second plan. Need to amend tax return Kinds of rollovers to a traditional IRA. Need to amend tax return   You can roll over amounts from the following plans into a traditional IRA: A traditional IRA, An employer's qualified retirement plan for its employees, A deferred compensation plan of a state or local government (section 457 plan), or A tax-sheltered annuity plan (section 403(b) plan). Need to amend tax return Treatment of rollovers. Need to amend tax return   You cannot deduct a rollover contribution, but you must report the rollover distribution on your tax return as discussed later under Reporting rollovers from IRAs and under Reporting rollovers from employer plans . Need to amend tax return Kinds of rollovers from a traditional IRA. Need to amend tax return   You may be able to roll over, tax free, a distribution from your traditional IRA into a qualified plan. Need to amend tax return These plans include the federal Thrift Savings Fund (for federal employees), deferred compensation plans of state or local governments (section 457 plans), and tax-sheltered annuity plans (section 403(b) plans). Need to amend tax return The part of the distribution that you can roll over is the part that would otherwise be taxable (includible in your income). Need to amend tax return Qualified plans may, but are not required to, accept such rollovers. Need to amend tax return Time limit for making a rollover contribution. Need to amend tax return   You generally must make the rollover contribution by the 60th day after the day you receive the distribution from your traditional IRA or your employer's plan. Need to amend tax return The IRS may waive the 60-day requirement where the failure to do so would be against equity or good conscience, such as in the event of a casualty, disaster, or other event beyond your reasonable control. Need to amend tax return For more information, see Can You Move Retirement Plan Assets? in chapter 1 of Publication 590. Need to amend tax return Extension of rollover period. Need to amend tax return   If an amount distributed to you from a traditional IRA or a qualified employer retirement plan is a frozen deposit at any time during the 60-day period allowed for a rollover, special rules extend the rollover period. Need to amend tax return For more information, see Can You Move Retirement Plan Assets? in chapter 1 of Publication 590. Need to amend tax return More information. Need to amend tax return   For more information on rollovers, see Can You Move Retirement Plan Assets? in chapter 1 of Publication 590. Need to amend tax return Rollover From One IRA Into Another You can withdraw, tax free, all or part of the assets from one traditional IRA if you reinvest them within 60 days in the same or another traditional IRA. Need to amend tax return Because this is a rollover, you cannot deduct the amount that you reinvest in an IRA. Need to amend tax return Waiting period between rollovers. Need to amend tax return   Generally, if you make a tax-free rollover of any part of a distribution from a traditional IRA, you cannot, within a 1-year period, make a tax-free rollover of any later distribution from that same IRA. Need to amend tax return You also cannot make a tax-free rollover of any amount distributed, within the same 1-year period, from the IRA into which you made the tax-free rollover. Need to amend tax return   The 1-year period begins on the date you receive the IRA distribution, not on the date you roll it over into an IRA. Need to amend tax return Example. Need to amend tax return You have two traditional IRAs, IRA-1 and IRA-2. Need to amend tax return You make a tax-free rollover of a distribution from IRA-1 into a new traditional IRA (IRA-3). Need to amend tax return You cannot, within 1 year of the distribution from IRA-1, make a tax-free rollover of any distribution from either IRA-1 or IRA-3 into another traditional IRA. Need to amend tax return However, the rollover from IRA-1 into IRA-3 does not prevent you from making a tax-free rollover from IRA-2 into any other traditional IRA. Need to amend tax return This is because you have not, within the last year, rolled over, tax free, any distribution from IRA-2 or made a tax-free rollover into IRA-2. Need to amend tax return Exception. Need to amend tax return   For an exception for distributions from failed financial institutions, see Rollover From One IRA Into Another under Can You Move Retirement Plan Assets? in chapter 1 of Publication 590. Need to amend tax return Partial rollovers. Need to amend tax return   If you withdraw assets from a traditional IRA, you can roll over part of the withdrawal tax free and keep the rest of it. Need to amend tax return The amount you keep will generally be taxable (except for the part that is a return of nondeductible contributions). Need to amend tax return The amount you keep may be subject to the 10% additional tax on early distributions, discussed later under What Acts Result in Penalties or Additional Taxes? . Need to amend tax return Required distributions. Need to amend tax return   Amounts that must be distributed during a particular year under the required distribution rules (discussed later) are not eligible for rollover treatment. Need to amend tax return Inherited IRAs. Need to amend tax return   If you inherit a traditional IRA from your spouse, you generally can roll it over, or you can choose to make the inherited IRA your own. Need to amend tax return See Treating it as your own , earlier. Need to amend tax return Not inherited from spouse. Need to amend tax return   If you inherit a traditional IRA from someone other than your spouse, you cannot roll it over or allow it to receive a rollover contribution. Need to amend tax return You must withdraw the IRA assets within a certain period. Need to amend tax return For more information, see When Must You Withdraw Assets? in chapter 1 of Publication 590. Need to amend tax return Reporting rollovers from IRAs. Need to amend tax return   Report any rollover from one traditional IRA to the same or another traditional IRA on lines 15a and 15b, Form 1040, or lines 11a and 11b, Form 1040A, as follows. Need to amend tax return   Enter the total amount of the distribution on Form 1040, line 15a, or Form 1040A, line 11a. Need to amend tax return If the total amount on Form 1040, line 15a, or Form 1040A, line 11a, was rolled over, enter zero on Form 1040, line 15b, or Form 1040A, line 11b. Need to amend tax return If the total distribution was not rolled over, enter the taxable portion of the part that was not rolled over on Form 1040, line 15b, or Form 1040A, line 11b. Need to amend tax return Put “Rollover” next to Form 1040, line 15b, or Form 1040A, line 11b. Need to amend tax return See your tax return instructions. Need to amend tax return   If you rolled over the distribution into a qualified plan (other than an IRA) or you make the rollover in 2014, attach a statement explaining what you did. Need to amend tax return Rollover From Employer's Plan Into an IRA You can roll over into a traditional IRA all or part of an eligible rollover distribution you receive from your (or your deceased spouse's): Employer's qualified pension, profit-sharing, or stock bonus plan; Annuity plan; Tax-sheltered annuity plan (section 403(b) plan); or Governmental deferred compensation plan (section 457 plan). Need to amend tax return A qualified plan is one that meets the requirements of the Internal Revenue Code. Need to amend tax return Eligible rollover distribution. Need to amend tax return   Generally, an eligible rollover distribution is any distribution of all or part of the balance to your credit in a qualified retirement plan except the following. Need to amend tax return A required minimum distribution (explained later under When Must You Withdraw IRA Assets? (Required Minimum Distributions) ). Need to amend tax return A hardship distribution. Need to amend tax return Any of a series of substantially equal periodic distributions paid at least once a year over: Your lifetime or life expectancy, The lifetimes or life expectancies of you and your beneficiary, or A period of 10 years or more. Need to amend tax return Corrective distributions of excess contributions or excess deferrals, and any income allocable to the excess, or of excess annual additions and any allocable gains. Need to amend tax return A loan treated as a distribution because it does not satisfy certain requirements either when made or later (such as upon default), unless the participant's accrued benefits are reduced (offset) to repay the loan. Need to amend tax return Dividends on employer securities. Need to amend tax return The cost of life insurance coverage. Need to amend tax return Any nontaxable amounts that you roll over into your traditional IRA become part of your basis (cost) in your IRAs. Need to amend tax return To recover your basis when you take distributions from your IRA, you must complete Form 8606 for the year of the distribution. Need to amend tax return See Form 8606 under Distributions Fully or Partly Taxable, later. Need to amend tax return Rollover by nonspouse beneficiary. Need to amend tax return   A direct transfer from a deceased employee's qualified pension, profit-sharing, or stock bonus plan; annuity plan; tax-sheltered annuity (section 403(b)) plan; or governmental deferred compensation (section 457) plan to an IRA set up to receive the distribution on your behalf can be treated as an eligible rollover distribution if you are the designated beneficiary of the plan and not the employee's spouse. Need to amend tax return The IRA is treated as an inherited IRA. Need to amend tax return For more information about inherited IRAs, see Inherited IRAs , earlier. Need to amend tax return Reporting rollovers from employer plans. Need to amend tax return    Enter the total distribution (before income tax or other deductions were withheld) on Form 1040, line 16a, or Form 1040A, line 12a. Need to amend tax return This amount should be shown in box 1 of Form 1099-R. Need to amend tax return From this amount, subtract any contributions (usually shown in box 5 of Form 1099-R) that were taxable to you when made. Need to amend tax return From that result, subtract the amount that was rolled over either directly or within 60 days of receiving the distribution. Need to amend tax return Enter the remaining amount, even if zero, on Form 1040, line 16b, or Form 1040A, line 12b. Need to amend tax return Also, enter "Rollover" next to Form 1040, line 16b, or Form 1040A, line 12b. Need to amend tax return Transfers Incident to Divorce If an interest in a traditional IRA is transferred from your spouse or former spouse to you by a divorce or separate maintenance decree or a written document related to such a decree, the interest in the IRA, starting from the date of the transfer, is treated as your IRA. Need to amend tax return The transfer is tax free. Need to amend tax return For detailed information, see Can You Move Retirement Plan Assets? in chapter 1 of Publication 590. Need to amend tax return Converting From Any Traditional IRA to a Roth IRA Allowable conversions. Need to amend tax return   You can withdraw all or part of the assets from a traditional IRA and reinvest them (within 60 days) in a Roth IRA. Need to amend tax return The amount that you withdraw and timely contribute (convert) to the Roth IRA is called a conversion contribution. Need to amend tax return If properly (and timely) rolled over, the 10% additional tax on early distributions will not apply. Need to amend tax return However, a part or all of the conversion contribution from your traditional IRA is included in your gross income. Need to amend tax return Required distributions. Need to amend tax return   You cannot convert amounts that must be distributed from your traditional IRA for a particular year (including the calendar year in which you reach age 70½) under the required distribution rules (discussed later). Need to amend tax return Income. Need to amend tax return   You must include in your gross income distributions from a traditional IRA that you would have had to include in income if you had not converted them into a Roth IRA. Need to amend tax return These amounts are normally included in income on your return for the year that you converted them from a traditional IRA to a Roth IRA. Need to amend tax return   You do not include in gross income any part of a distribution from a traditional IRA that is a return of your basis, as discussed later. Need to amend tax return   You must file Form 8606 to report 2013 conversions from traditional, SEP, or SIMPLE IRAs to a Roth IRA in 2013 (unless you recharacterized the entire amount) and to figure the amount to include in income. Need to amend tax return   If you must include any amount in your gross income, you may have to increase your withholding or make estimated tax payments. Need to amend tax return See chapter 4. Need to amend tax return Recharacterizations You may be able to treat a contribution made to one type of IRA as having been made to a different type of IRA. Need to amend tax return This is called recharacterizing the contribution. Need to amend tax return See Can You Move Retirement Plan Assets? in chapter 1 of Publication 590 for more detailed information. Need to amend tax return How to recharacterize a contribution. Need to amend tax return   To recharacterize a contribution, you generally must have the contribution transferred from the first IRA (the one to which it was made) to the second IRA in a trustee-to-trustee transfer. Need to amend tax return If the transfer is made by the due date (including extensions) for your tax return for the year during which the contribution was made, you can elect to treat the contribution as having been originally made to the second IRA instead of to the first IRA. Need to amend tax return If you recharacterize your contribution, you must do all three of the following. Need to amend tax return Include in the transfer any net income allocable to the contribution. Need to amend tax return If there was a loss, the net income you must transfer may be a negative amount. Need to amend tax return Report the recharacterization on your tax return for the year during which the contribution was made. Need to amend tax return Treat the contribution as having been made to the second IRA on the date that it was actually made to the first IRA. Need to amend tax return No deduction allowed. Need to amend tax return   You cannot deduct the contribution to the first IRA. Need to amend tax return Any net income you transfer with the recharacterized contribution is treated as earned in the second IRA. Need to amend tax return Required notifications. Need to amend tax return   To recharacterize a contribution, you must notify both the trustee of the first IRA (the one to which the contribution was actually made) and the trustee of the second IRA (the one to which the contribution is being moved) that you have elected to treat the contribution as having been made to the second IRA rather than the first. Need to amend tax return You must make the notifications by the date of the transfer. Need to amend tax return Only one notification is required if both IRAs are maintained by the same trustee. Need to amend tax return The notification(s) must include all of the following information. Need to amend tax return The type and amount of the contribution to the first IRA that is to be recharacterized. Need to amend tax return The date on which the contribution was made to the first IRA and the year for which it was made. Need to amend tax return A direction to the trustee of the first IRA to transfer in a trustee-to-trustee transfer the amount of the contribution and any net income (or loss) allocable to the contribution to the trustee of the second IRA. Need to amend tax return The name of the trustee of the first IRA and the name of the trustee of the second IRA. Need to amend tax return Any additional information needed to make the transfer. Need to amend tax return Reporting a recharacterization. Need to amend tax return   If you elect to recharacterize a contribution to one IRA as a contribution to another IRA, you must report the recharacterization on your tax return as directed by Form 8606 and its instructions. Need to amend tax return You must treat the contribution as having been made to the second IRA. Need to amend tax return When Can You Withdraw or Use IRA Assets? There are rules limiting use of your IRA assets and distributions from it. Need to amend tax return Violation of the rules generally results in additional taxes in the year of violation. Need to amend tax return See What Acts Result in Penalties or Additional Taxes , later. Need to amend tax return Contributions returned before the due date of return. Need to amend tax return   If you made IRA contributions in 2013, you can withdraw them tax free by the due date of your return. Need to amend tax return If you have an extension of time to file your return, you can withdraw them tax free by the extended due date. Need to amend tax return You can do this if, for each contribution you withdraw, both of the following conditions apply. Need to amend tax return You did not take a deduction for the contribution. Need to amend tax return You withdraw any interest or other income earned on the contribution. Need to amend tax return You can take into account any loss on the contribution while it was in the IRA when calculating the amount that must be withdrawn. Need to amend tax return If there was a loss, the net income earned on the contribution may be a negative amount. Need to amend tax return Note. Need to amend tax return To calculate the amount you must withdraw, see Worksheet 1-4 under When Can You Withdraw or Use Assets? in chapter 1 of Publication 590. Need to amend tax return Earnings includible in income. Need to amend tax return   You must include in income any earnings on the contributions you withdraw. Need to amend tax return Include the earnings in income for the year in which you made the contributions, not in the year in which you withdraw them. Need to amend tax return Generally, except for any part of a withdrawal that is a return of nondeductible contributions (basis), any withdrawal of your contributions after the due date (or extended due date) of your return will be treated as a taxable distribution. Need to amend tax return Excess contributions can also be recovered tax free as discussed under What Acts Result in Penalties or Additional Taxes?, later. Need to amend tax return    Early distributions tax. Need to amend tax return   The 10% additional tax on distributions made before you reach age 59½ does not apply to these tax-free withdrawals of your contributions. Need to amend tax return However, the distribution of interest or other income must be reported on Form 5329 and, unless the distribution qualifies as an exception to the age 59½ rule, it will be subject to this tax. Need to amend tax return When Must You Withdraw IRA Assets? (Required Minimum Distributions) You cannot keep funds in a traditional IRA indefinitely. Need to amend tax return Eventually they must be distributed. Need to amend tax return If there are no distributions, or if the distributions are not large enough, you may have to pay a 50% excise tax on the amount not distributed as required. Need to amend tax return See Excess Accumulations (Insufficient Distributions) , later. Need to amend tax return The requirements for distributing IRA funds differ depending on whether you are the IRA owner or the beneficiary of a decedent's IRA. Need to amend tax return Required minimum distribution. Need to amend tax return   The amount that must be distributed each year is referred to as the required minimum distribution. Need to amend tax return Required distributions not eligible for rollover. Need to amend tax return   Amounts that must be distributed (required minimum distributions) during a particular year are not eligible for rollover treatment. Need to amend tax return IRA owners. Need to amend tax return   If you are the owner of a traditional IRA, you must generally start receiving distributions from your IRA by April 1 of the year following the year in which you reach age 70½. Need to amend tax return April 1 of the year following the year in which you reach age 70½ is referred to as the required beginning date. Need to amend tax return Distributions by the required beginning date. Need to amend tax return   You must receive at least a minimum amount for each year starting with the year you reach age 70½ (your 70½ year). Need to amend tax return If you do not (or did not) receive that minimum amount in your 70½ year, then you must receive distributions for your 70½ year by April 1 of the next year. Need to amend tax return   If an IRA owner dies after reaching age 70½, but before April 1 of the next year, no minimum distribution is required because death occurred before the required beginning date. Need to amend tax return Even if you begin receiving distributions before you attain age 70½, you must begin calculating and receiving required minimum distributions by your required beginning date. Need to amend tax return Distributions after the required beginning date. Need to amend tax return   The required minimum distribution for any year after the year you turn 70½ must be made by December 31 of that later year. Need to amend tax return    Beneficiaries. Need to amend tax return   If you are the beneficiary of a decedent's traditional IRA, the requirements for distributions from that IRA generally depend on whether the IRA owner died before or after the required beginning date for distributions. Need to amend tax return More information. Need to amend tax return   For more information, including how to figure your minimum required distribution each year and how to figure your required distribution if you are a beneficiary of a decedent's IRA, see When Must You Withdraw Assets? in chapter 1 of Publication 590. Need to amend tax return Are Distributions Taxable? In general, distributions from a traditional IRA are taxable in the year you receive them. Need to amend tax return Exceptions. Need to amend tax return   Exceptions to distributions from traditional IRAs being taxable in the year you receive them are: Rollovers, Qualified charitable distributions (QCD), discussed later, Tax-free withdrawals of contributions, discussed earlier, and The return of nondeductible contributions, discussed later under Distributions Fully or Partly Taxable . Need to amend tax return    Although a conversion of a traditional IRA is considered a rollover for Roth IRA purposes, it is not an exception to the rule that distributions from a traditional IRA are taxable in the year you receive them. Need to amend tax return Conversion distributions are includible in your gross income subject to this rule and the special rules for conversions explained in Converting From Any Traditional IRA Into a Roth IRA under Can You Move Retirement Plan Assets? in chapter 1 of Publication 590. Need to amend tax return Qualified charitable distributions (QCD). Need to amend tax return   A QCD is generally a nontaxable distribution made directly by the trustee of your IRA to an organization eligible to receive tax-deductible contributions. Need to amend tax return Special rules apply if you made a qualified charitable distribution in January 2013 that you elected to treat as made in 2012. Need to amend tax return See Qualified Charitable Distributions in Publication 590 for more information. Need to amend tax return Ordinary income. Need to amend tax return   Distributions from traditional IRAs that you include in income are taxed as ordinary income. Need to amend tax return No special treatment. Need to amend tax return   In figuring your tax, you cannot use the 10-year tax option or capital gain treatment that applies to lump-sum distributions from qualified retirement plans. Need to amend tax return Distributions Fully or Partly Taxable Distributions from your traditional IRA may be fully or partly taxable, depending on whether your IRA includes any nondeductible contributions. Need to amend tax return Fully taxable. Need to amend tax return   If only deductible contributions were made to your traditional IRA (or IRAs, if you have more than one), you have no basis in your IRA. Need to amend tax return Because you have no basis in your IRA, any distributions are fully taxable when received. Need to amend tax return See Reporting taxable distributions on your return , later. Need to amend tax return Partly taxable. Need to amend tax return    If you made nondeductible contributions or rolled over any after-tax amounts to any of your traditional IRAs, you have a cost basis (investment in the contract) equal to the amount of those contributions. Need to amend tax return These nondeductible contributions are not taxed when they are distributed to you. Need to amend tax return They are a return of your investment in your IRA. Need to amend tax return   Only the part of the distribution that represents nondeductible contributions and rolled over after-tax amounts (your cost basis) is tax free. Need to amend tax return If nondeductible contributions have been made or after-tax amounts have been rolled over to your IRA, distributions consist partly of nondeductible contributions (basis) and partly of deductible contributions, earnings, and gains (if there are any). Need to amend tax return Until all of your basis has been distributed, each distribution is partly nontaxable and partly taxable. Need to amend tax return Form 8606. Need to amend tax return   You must complete Form 8606 and attach it to your return if you receive a distribution from a traditional IRA and have ever made nondeductible contributions or rolled over after-tax amounts to any of your traditional IRAs. Need to amend tax return Using the form, you will figure the nontaxable distributions for 2013 and your total IRA basis for 2013 and earlier years. Need to amend tax return Note. Need to amend tax return If you are required to file Form 8606, but you are not required to file an income tax return, you still must file Form 8606. Need to amend tax return Send it to the IRS at the time and place you would otherwise file an income tax return. Need to amend tax return Distributions reported on Form 1099-R. Need to amend tax return   If you receive a distribution from your traditional IRA, you will receive Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Need to amend tax return , or a similar statement. Need to amend tax return IRA distributions are shown in boxes 1 and 2a of Form 1099-R. Need to amend tax return A number or letter code in box 7 tells you what type of distribution you received from your IRA. Need to amend tax return Withholding. Need to amend tax return   Federal income tax is withheld from distributions from traditional IRAs unless you choose not to have tax withheld. Need to amend tax return See chapter 4. Need to amend tax return IRA distributions delivered outside the United States. Need to amend tax return   In general, if you are a U. Need to amend tax return S. Need to amend tax return citizen or resident alien and your home address is outside the United States or its possessions, you cannot choose exemption from withholding on distributions from your traditional IRA. Need to amend tax return Reporting taxable distributions on your return. Need to amend tax return    Report fully taxable distributions, including early distributions on Form 1040, line 15b, or Form 1040A, line 11b (no entry is required on Form 1040, line 15a, or Form 1040A, line 11a). Need to amend tax return If only part of the distribution is taxable, enter the total amount on Form 1040, line 15a, or Form 1040A, line 11a, and the taxable part on Form 1040, line 15b, or Form 1040A, line 11b. Need to amend tax return You cannot report distributions on Form 1040EZ. Need to amend tax return What Acts Result in Penalties or Additional Taxes? The tax advantages of using traditional IRAs for retirement savings can be offset by additional taxes and penalties if you do not follow the rules. Need to amend tax return There are additions to the regular tax for using your IRA funds in prohibited transactions. Need to amend tax return There are also additional taxes for the following activities. Need to amend tax return Investing in collectibles. Need to amend tax return Making excess contributions. Need to amend tax return Taking early distributions. Need to amend tax return Allowing excess amounts to accumulate (failing to take required distributions). Need to amend tax return There are penalties for overstating the amount of nondeductible contributions and for failure to file a Form 8606, if required. Need to amend tax return Prohibited Transactions Generally, a prohibited transaction is any improper use of your traditional IRA by you, your beneficiary, or any disqualified person. Need to amend tax return Disqualified persons include your fiduciary and members of your family (spouse, ancestor, lineal descendent, and any spouse of a lineal descendent). Need to amend tax return The following are examples of prohibited transactions with a traditional IRA. Need to amend tax return Borrowing money from it. Need to amend tax return Selling property to it. Need to amend tax return Receiving unreasonable compensation for managing it. Need to amend tax return Using it as security for a loan. Need to amend tax return Buying property for personal use (present or future) with IRA funds. Need to amend tax return Effect on an IRA account. Need to amend tax return   Generally, if you or your beneficiary engages in a prohibited transaction in connection with your traditional IRA account at any time during the year, the account stops being an IRA as of the first day of that year. Need to amend tax return Effect on you or your beneficiary. Need to amend tax return   If your account stops being an IRA because you or your beneficiary engaged in a prohibited transaction, the account is treated as distributing all its assets to you at their fair market values on the first day of the year. Need to amend tax return If the total of those values is more than your basis in the IRA, you will have a taxable gain that is includible in your income. Need to amend tax return For information on figuring your gain and reporting it in income, see Are Distributions Taxable , earlier. Need to amend tax return The distribution may be subject to additional taxes or penalties. Need to amend tax return Taxes on prohibited transactions. Need to amend tax return   If someone other than the owner or beneficiary of a traditional IRA engages in a prohibited transaction, that person may be liable for certain taxes. Need to amend tax return In general, there is a 15% tax on the amount of the prohibited transaction and a 100% additional tax if the transaction is not corrected. Need to amend tax return More information. Need to amend tax return   For more information on prohibited transactions, see What Acts Result in Penalties or Additional Taxes? in chapter 1 of Publication 590. Need to amend tax return Investment in Collectibles If your traditional IRA invests in collectibles, the amount invested is considered distributed to you in the year invested. Need to amend tax return You may have to pay the 10% additional tax on early distributions, discussed later. Need to amend tax return Collectibles. Need to amend tax return   These include: Artworks, Rugs, Antiques, Metals, Gems, Stamps, Coins, Alcoholic beverages, and Certain other tangible personal property. Need to amend tax return Exception. Need to amend tax return    Your IRA can invest in one, one-half, one-quarter, or one-tenth ounce U. Need to amend tax return S. Need to amend tax return gold coins, or one-ounce silver coins minted by the Treasury Department. Need to amend tax return It can also invest in certain platinum coins and certain gold, silver, palladium, and platinum bullion. Need to amend tax return Excess Contributions Generally, an excess contribution is the amount contributed to your traditional IRA(s) for the year that is more than the smaller of: The maximum deductible amount for the year. Need to amend tax return For 2013, this is $5,500 ($6,500 if you are 50 or older), or Your taxable compensation for the year. Need to amend tax return Tax on excess contributions. Need to amend tax return   In general, if the excess contributions for a year are not withdrawn by the date your return for the year is due (including extensions), you are subject to a 6% tax. Need to amend tax return You must pay the 6% tax each year on excess amounts that remain in your traditional IRA at the end of your tax year. Need to amend tax return The tax cannot be more than 6% of the combined value of all your IRAs as of the end of your tax year. Need to amend tax return Excess contributions withdrawn by due date of return. Need to amend tax return   You will not have to pay the 6% tax if you withdraw an excess contribution made during a tax year and you also withdraw interest or other income earned on the excess contribution. Need to amend tax return You must complete your withdrawal by the date your tax return for that year is due, including extensions. Need to amend tax return How to treat withdrawn contributions. Need to amend tax return   Do not include in your gross income an excess contribution that you withdraw from your traditional IRA before your tax return is due if both the following conditions are met. Need to amend tax return No deduction was allowed for the excess contribution. Need to amend tax return You withdraw the interest or other income earned on the excess contribution. Need to amend tax return You can take into account any loss on the contribution while it was in the IRA when calculating the amount that must be withdrawn. Need to amend tax return If there was a loss, the net income you must withdraw may be a negative amount. Need to amend tax return How to treat withdrawn interest or other income. Need to amend tax return   You must include in your gross income the interest or other income that was earned on the excess contribution. Need to amend tax return Report it on your return for the year in which the excess contribution was made. Need to amend tax return Your withdrawal of interest or other income may be subject to an additional 10% tax on early distributions, discus